Title
FY2017 Liability/Property Insurance Renewal - Approval
History
The Horton Group has provided the Village with its renewal premium amounts for Fiscal Year 2017 for all property and liability insurance policies, including Excess Workers Compensation. A summary renewal packet is attached to this agenda item for reference purposes.
Overall, the Village’s FY2017 liability and property premiums on all lines increased $10,188 or 1.23%, as compared to FY2016 premiums. The premium on all lines remained the same, with the exception of property, crime and excess workers compensation. The increase in the property premium is due to an increase to the value of covered property of approximately 2.5%.
The workers compensation premium increased approximately 4.0% due to an increase in covered payroll, which is consistent with the current marketplace for this type of program.
The Crime premium increased due to the addition of Social Engineering/Fraudulent Induced Transfers coverage. CCMSI's Claims Handling Fee and The Horton Group's Annual Service Fee remained the same. Retention amounts (deductibles) on each of the lines remained the same.
On November 7, 2016, this item was reviewed and approved by the Finance Committee and referred to the Board for approval.
Financial Impact
The attached documents identify the overall budget impact. The total premium amount for all lines is $765,046, plus the Claims Handling Fee and Horton's Annual Service Fee, totaling $74,500, will be reflected in the FY2017 Budget.
Recommended Action/Motion
I move to approve the property and liability insurance carriers and premiums, as well as CCMSI's Claims Handling Fee and Horton's Annual Service Fee, in the total amount of $839,546 as presented by the Horton Group.