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Putnam County insurance costs rise modestly; cyber insurance premium reduced after renegotiation
Summary
Insurance officer Matt Bruno outlined budget changes: cyber insurance dropped about 23% after broker changes, some premiums rose (excess insurance +7.2%, general liability +7.9%), and reserves were proposed to manage workers' comp and liability exposure.
Matt Bruno, who oversees insurance budgeting, told the Audit & Administration Committee that the tentative budget reflects a mix of small premium increases and targeted savings from market negotiations.
Bruno said the county reduced its cyber-insurance premium by about 23% after changing carriers and negotiating terms, "we were able to decrease that premium by 23% or save $5,000 on this policy alone," and…
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