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Trustees approve InsureSource contract amid questions about premiums and deductibles
Summary
The board authorized a property/casualty and workers' compensation agreement with InsureSource; staff said a 22% premium increase appears in the packet and that higher-retention options could lower premium but manager said she had not had time to fully review broker options.
Trustees authorized execution of an agreement with InsureSource for property, casualty and workers’ compensation insurance after questions from trustees about deductibles and premiums.
The village manager said the packet included deductible details but that she had not had a full broker meeting to form a recommendation. A staff presentation in the packet noted the village’s current retention/online retention at $100,000 and described a higher-retention option that could produce additional savings; the presentation also stated that the village would see a 22% premium increase if no changes were made.
Trustees asked whether the deductible amounts applied across lines and whether alternative retention levels had been analyzed. The manager said she had forwarded documents to the village attorney and asked for more time to confer with the broker. ‘‘I don’t feel comfortable giving you an opinion,’’ the manager said when pressed for a recommendation.
Despite the outstanding questions and requests for fuller broker documentation, the motion to authorize the InsureSource agreement was moved, seconded and approved by roll call.
What happens next: staff will proceed with the InsureSource contract execution as authorized; trustees requested additional documentation on retention options and deductible levels for future review.
