Title
Liability Insurance Renewal 12/1/22 to 12/1/2023
History
The Horton Group completed a coverage renewal market analysis on behalf of the Village of Orland Park and provided the final recommendations for the December 1, 2022, renewal of Liability insurance. The renewal premium for the 2022-2023 term as recommended will result in an increase of $116,210 over last year driven by a combination of the current, difficult insurance market, law enforcement liability exposure and inflation significantly increasing the replacement cost of Village assets and higher medical treatment costs.
At the recommendation of the Horton Group, the Village joined two public entity risk pools for the 2022 coverage year. ICRMT, Illinois Counties Risk Management Trust, accepted the Village of Orland Park membership effective 1/1/22 for Liability and Property coverages. IPRF, Illinois Public Risk Fund accepted the Village’s application for Workers’ Compensation Coverage effective 1/1/22. The decision to move to public entity risks both was made to offer the Village broad based public entity specific coverage terms, pooling risk with other risk conscious public entities, cost effective pricing and pool specific claims administration services geared towards public entities.
The 2023 Coverage year represents the first renewal for both public entity risk pools.
Municipalities which carry Cook County exposures face a more restrictive insurance market than those based in other counties. For example, several public entity insurers have pulled out of Cook County altogether. Additionally, most public entity carriers are increasing rates and restricting coverage forms for specific lines of coverage including:
-Property
-Law Enforcement Legal Liability
-Cyber
-Sexual Misconduct / Abuse
-Excess Liability
Because of the above factors, the Horton Group is recommending renewing coverage with the Illinois Counties Risk Management Trust (ICRMT) and the Illinois Public Risk Fund (IPRF) for 2023 ...
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