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Rye Brook approves insurance renewals; selects Travelers for package and Cowbell for cyber coverage
Summary
The board authorized renewal and placement of municipal insurance policies: Travelers for package property, liability and other coverages at an estimated $314,002.72 annually, and Cowbell National Specialty Insurance Company for cyber coverage at about $4,697 annually; broker outlined improvements to cyber limits.
The Village of Rye Brook Board of Trustees voted May 27 to authorize renewed insurance placements for the village.
After presentations from the village broker, the board approved selecting Travelers to provide the village’s package insurance — covering property, liability, law enforcement liability, umbrella, auto and public officials coverage — at an estimated annual premium of $314,002.72. The trustees also approved placement of cyber insurance with Cowbell National Specialty Insurance Company at an estimated annual premium of $4,697.
RJ Impastado, the village’s risk manager from Fola and Son (the broker), and Michael Goldman described the three policies up for renewal and the broker’s work to negotiate pricing and improved terms. The broker said Travelers’ final quoted premium was reduced from an initial $321,000 quote to about $313,002 after negotiations and that other markets could not match the village’s requested $10 million umbrella limit. On cyber coverage, the broker reported they reduced Cowbell’s quote from $5,218 to $4,697 and secured higher social‑engineering/reverse‑social‑engineering limits (from $100,000 to $250,000), increased computer‑hardware replacement coverage (from $50,000 to $100,000) and added an extra $50,000 breach response sublimit.
The board voted unanimously to authorize the mayor and administrator to execute documents necessary to complete the renewals.
