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County insurance renewals: incumbents recommended for property, casualty; cyber limit recommended at $1 million with $100,000 retention
Summary
Staff recommended renewing property and casualty coverages with incumbents despite rate increases; the insurance committee recommended a $1 million cyber liability limit with a $100,000 retention and the purchasing committee approved the recommendations.
Rutherford County staff and its broker presented the county’s annual property, casualty and cyber insurance renewals and the purchasing committee approved the insurance committee’s recommendation to renew incumbent carriers and to set cyber liability at a $1,000,000 limit with a $100,000 retention.
Presenters told the committee the property program included a $250 million policy limit; expiring premium for property coverage was $3,161,794 and the renewal quoted $3,635,712. Staff attributed the increase in total insured values primarily to added portable…
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