Title
FY2019 Liability/Property Insurance Renewal - Approval
History
The Horton Group has provided the Village with its renewal premium amounts for Fiscal Year 2019 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 FY2019 liability and property premiums, including Horton's annual service fee and CCMSI's claims handling fee, decreased $21,061 or approximately 2.6%, as compared to FY2018 amounts. Decreases to property/auto physical damage and network security/privacy liability premiums were offset by slight increases in the public entity package, drone and worker's compensation premiums. The decrease in the property/auto physical damage premium is due to our long history with the carrier, excellent loss history, and current market conditions. The decrease in the network security/privacy premium is due to our long history with this coverage as well as a change in carriers.
CCMSI's claims handling fee is assumed to remain the same for the 2019-2020 policy term. The Horton Group's annual service fee decreased by $5,000. Retention amounts (deductibles) on each of the lines remained the same, with the exception of the network security/privacy retention which decreased from $25,000 to $15,000.
Staff recommends that we continue to utilize the services of The Horton Group for Fiscal Year 2019.
On November 5, 2018, this item was reviewed by the Finance Committee, recommended for approval and referred to the Village Board of Trustees for consideration.
Financial Impact
The attached documents identify the overall budget impact. The total premium amount for all lines of $717,653, plus the claims handling fee and Horton's annual service fee of $69,022, will be reflected in the FY2019 Budget.
Recommended Action/Motion
I move to approve the property and liability insurance carriers and premiums, as well as CCMSI's ...
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