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Rye Brook board approves Travelers for property and Cowbell for cyber insurance in annual renewal
Summary
Trustees authorized Travelers as the village insurance carrier for multiple coverages at an estimated annual premium of $314,002.72 and Cowbell National Specialty Insurance Company for cyber insurance at $4,697 after broker presentations and cost comparisons
The Village of Rye Brook Board of Trustees on May 27 authorized insurance renewals, selecting Travelers for the village's core package (property, liability, law enforcement, umbrella, auto, public officials and crime) at an estimated total annual premium of $314,002.72 and Cowbell National Specialty Insurance Company for cyber insurance at an estimated $4,697.
The village's broker, RJ Impastado of Fow & Son (present at the meeting), told trustees the village carries a $10 million umbrella limit and that competing A+ carriers were not able to match that limit at competitive pricing. Impastado said the original Travelers renewal quote was higher but changes reduced the renewal to approximately the amount presented. Michael Goldman, the broker's colleague, described enhancements to cyber coverage: increases in social-engineering limits from $100,000 to $250,000, an increase in computer-hardware replacement coverage from $50,000 to $100,000 and an added $50,000 breach-response sublimit.
During discussion trustees asked for clarifications about social-engineering (fraud/"trickery" that leads to erroneous payments), and Impastado gave examples of municipal scams and explained reverse social-engineering fraud scenarios. The board moved the resolution and voted in favor.
The resolution authorizes the mayor and village administrator to execute documents necessary to complete the renewals. Trustees recorded their votes in favor on the May 27 motion; the board did not discuss alternative carriers further in the meeting.
