Title
Property & Casualty Insurance and Workers Compensation Renewal
History
The Horton Group conducted a comprehensive marketing analysis for all Property & Casualty lines of insurance coverage on behalf of the Village and recently provided the final recommendations for the December and January renewals. The combined renewal premium for the 2025 term will result in a premium increase of approximately $130,000, which is approximately $45,000 less than the 2024 increase. The growth in costs is driven by a combination of the current, difficult insurance market, increase in Village exposures such as total insured property values, Village expenditures and value of owned auto fleet. Furthermore, municipalities which carry Cook County exposures continue to face a more restrictive insurance market than those based in other counties. The number of carriers willing/able to insure in Cook County continues to decrease.
Several years ago, the Village decided to move to public entity insurance pools in order to offer the Village broad based public entity specific coverage terms, pooling risk with other risk conscious public entities, cost effective pricing and specific claims administration services geared towards public entities.
The Horton Group recommends renewing coverage with the Illinois Counties Risk Management Trust (ICRMT) and the Illinois Public Risk Fund (IPRF) for 2025 policy term. If approved, the 2025 coverage year will represent the third renewal for both public entity risk pools.
Illinois Counties Risk Management Trust (ICRMT)
Since 1983, ICRMT has provided insurance and risk management services to Illinois public entities. ICRMT offers a full line of coverage options, including property and liability, and has grown to over 450 public entities. With a hard market comes increased premiums and policy forms providing less coverage, lower limits and stricter terms. As a result, many of Horton’s larger public entity clients continue to renew with ICRMT.
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