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South Beloit council reviews $331,000 insurance renewal, cites work‑comp spike
Summary
City officials reviewed a jump in the annual insurance package to roughly $331,000, driven by higher replacement costs and an increase in the city's workers'compensation modification factor; staff flagged separate cyber coverage due Jan. 1.
City officials heard from insurance broker Owen Casanza on Nov. 17 about a larger-than-expected renewal for the city's combined property, liability and workers'compensation package.
The presentation opened with the broker explaining the prior policy had been prorated for 11 months and the new renewal is a full 12‑month contract, which, together with rising replacement costs for buildings and equipment, pushed the package toward $331,000. "A large…
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