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Trustees push to open village insurance broker contract to competitive bids amid concerns over deductibles and transparency
Summary
A prolonged, sometimes heated discussion focused on whether the village should solicit competitive proposals for its property and casualty insurance broker after trustees raised concerns about high deductibles (including references to a $5 million exposure), large premiums and limited documentation. The incumbent broker defended his work and said he markets to multiple carriers; trustees asked staff to pursue an RFQ/RFP process and to publish records for transparency.
Trustees and village staff engaged in a lengthy and sometimes contentious debate over the village’s property and casualty insurance broker and whether the contract and markets should be opened for competitive bids.
Several trustees objected to what they described as a lack of transparency and to premium/deductible levels that they said were too high for the village. One trustee cited a $5,000,000 deductible on certain lines and said that the village was effectively self‑insured below that threshold; another trustee said annual premiums exceeded prior expectations and…
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