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Commissioner moves to approve Rutherford County property and casualty insurance; committee asks budget staff to study $78,000 cybersecurity premium
Summary
Rutherford County committee approved a new property and casualty insurance package with Old Republic after staff reported an 8% premium reduction despite increased insured values; commissioners asked the budget and purchasing committee to evaluate whether a roughly $78,000 cybersecurity premium should instead be invested directly in county IT resources.
Rutherford County’s budget and purchasing committee approved a countywide property and casualty insurance package and asked the budget and purchasing committee to study whether a roughly $78,000 cybersecurity premium should instead be applied to in-house cybersecurity resources.
Ed Elam, presenting the bids for insurance and risk management, said the county’s total insured values rose from about $2.665 billion to $2.92 billion and that the recommended quote from Old Republic reduced the county’s premium. “This year, the the quote is $5,197,238 and that is a savings of $366,517,” Elam said during his presentation.
The committee reviewed bid details, including changes in limits,…
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