Council accepts insurance renewals; cyber coverage at $1,000,000 and net premium down about $3,600
Insurance broker Jared presented a commercial package renewal with a net premium reduction (~$3,602), a workers' compensation improvement tied to an experience modifier near 0.81, and cyber liability coverage with a $1,000,000 limit; council approved the renewal.
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Jared, the broker on the agenda, reviewed the town's insurance renewals including the commercial package (general liability, law enforcement, public officials, property, commercial auto and umbrella), workers' compensation, volunteer accident and sickness for fire/police, and cyber liability. He said the overall net premium decreased by about $3,602 and that workers' compensation decreased primarily due to an experience modification of roughly 0.81. "...that's the bulk of it. You're looking about 5% rate increase... workers' compensation... went down considerably," Jared explained.
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