Title
Property & Casualty Insurance Services
History
Each year, the Village enters into a Business Insurance Client Service Agreement for Property & Casualty Insurance Services. Marsh & McLennan Agency LLC (MMA) purchased The Horton Group, the Village’s previous insurance broker, in 2024. The Village has had a long relationship with Horton and MMA as its successor. The proposed agreement continues the relationship with MMA as the Village’s insurance broker and risk management advisor for business insurance and related services, as defined in an executed Statement of Work.
Under the agreement, MMA will provide brokerage services, financial analytics, and claims advocacy support, including coverage analysis, policy review, audit support, benchmarking, loss analysis, and claims consulting services.
Compensation to MMA is commission-based and paid by insurance carriers. Commissions are considered fully earned at the time of placement, consistent with industry standards. The agreement also allows MMA to receive other forms of compensation, including premium financing-related compensation and interest income on premium funds held prior to remittance to insurers, as disclosed in Exhibit B.
Approval of this agreement authorizes MMA to continue providing business insurance brokerage and risk management services for Property & Casualty Insurance renewal to the Village under the terms outlined in the Client Service Agreement and its exhibits.
Recommended Action/Motion
I move to approve authorizing the execution of a Business Insurance Client Service Agreement with Marsh & McLennan Agency LLC to provide Property and Casualty insurance brokerage and risk management services for the period through December 31, 2026, with compensation to be paid through insurer commissions in accordance with the agreement and within the Board-approved budget.