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Village approves ICMRT insurance renewal amid wider market pressures and cyber improvements
Summary
Trustees approved renewal of the village’s membership in the Illinois Counties Risk Management Trust after a briefing about market pressures on excess liability and recent improvements in cyber availability.
Dane Moll of Alaya Insurance Services briefed the board on the village’s ICMRT renewal, framing the current market as mixed: ‘‘the property market is well capitalized’’ but excess liability is ‘‘very challenging’’ due to ‘‘social inflation’’ and larger verdicts. He said workers’ compensation remains stable for entities with good loss histories and that improved cyber-market competition has led to better pricing after carriers required…
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