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Committee swaps excess-risk component to lower premium, reduces retention from $1M to $500K
Summary
The committee voted to keep the primary option selected last month but to replace its excess-risk layer with a cheaper excess quoted in a second option, a change the broker said will lower premiums and the county's self-insured retention.
The Sumner County Self Insurance Board Committee voted to modify its previously selected insurance approach by keeping the primary coverage of Option 1 but replacing the excess-risk (reinsurance) component with the less costly excess option from Option 2; the committee passed the motion by voice vote.
Committee discussion cited a broker review and itemized figures. The committee’s broker, Jeremy,…
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