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Council renews fiduciary liability insurance for pension funds; premium rises $327
Summary
Murrysville Borough Council unanimously approved renewal of fiduciary liability insurance with Chubb for the pension funds for the period Sept. 1, 2025, to Aug. 31, 2026. The premium rose from $5,836 last year to $6,163 — an increase of $327 — and will be paid from pension assets.
Murrysville Borough Council approved renewal of fiduciary liability coverage for the pension funds with Chubb for the policy term Sept. 1, 2025, through Aug. 31, 2026. A staff member said last year's premium was $5,836 and this year's premium is $6,163, an increase of $327. He said the policy is paid from pension assets and characterized the item as a small, routine annual renewal. Council voted by voice to approve the renewal unanimously. Why it matters: Fiduciary liability coverage protects pension boards and trustees against certain claims; the premium increase will be paid from pension funds, not the borough's general fund. Next steps: None recorded beyond the renewal.
