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Town insurance renewal shows larger premium range; trustees told flood and cyber coverage options are under review
Summary
Staff reported a renewal quote for property and casualty insurance showing a year-over-year increase and presented optional add-ons for water-line no-fault and cybersecurity coverage; flood insurance for a floodplain building requires excess coverage.
Finance and HR staff presented the town's property and casualty insurance renewal and said quotes show an increase for 2026. The renewal covers property, automobile physical damage, auto liability, general liability and public-official liability. Staff said the town requested multiple quotes and is evaluating options that include no-fault water-line rupture coverage and excess cybersecurity coverage, which account for the premium range presented to trustees.
Staff noted the Lieber Center (the building housing the library) is in a floodplain and requires excess flood coverage, which the town expects will rise modestly this year. The board was reminded that the town's municipal code requires public-official bonds for the town administrator, treasurer and clerk; the budget includes $5,000 set aside as funding for potential deductibles on claims. Trustees were told most property deductibles are $5,000 and some fleet deductibles are $1,000.
Trustees asked whether vandalism and graffiti are covered; staff said property coverage typically covers vandalism but agreed to confirm specific policy language. Staff recommended staying with the pooled municipal carrier (CRSIA/CIRSA noted in discussion) for the current year while staff explore other brokers in future procurement cycles.
There was no vote; staff will finalize the selected package and return any contract items requiring board approval.
