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Council advances switch to Ohio Plan for village insurance to gain cyber and replacement-value coverage
Summary
Council members voted to move the village's liability insurance to the Ohio Plan after a presentation from the chair explaining that the plan would add required cyber coverage, broader replacement-value protections for fire apparatus and coverage for malicious acts.
The council voted to adopt the Ohio Plan as the village's liability insurance provider after a presentation from the chair outlining gaps in the village's existing coverage.
The chair said the Hyland Group and the village's long-standing agent recommended the Ohio Plan because it would provide cyber insurance required by state law and expand replacement-value coverage for vehicles and unscheduled equipment. "The premium would go to $99,001.21," the chair stated during the meeting, and he said the cyber portion alone was $7,005.94 as reported to the council. He told members the village had not previously carried cyber coverage and that replacement-value adjustments raised insured values for fire vehicles.
The recommendation included coverage for "malicious acts" and an unscheduled-items aggregate that the chair said could cover miscellaneous equipment up to approximately $350,000. After discussion, the chair moved to adopt the Ohio Plan as the village's policy and a second was recorded; roll-call responses recorded affirmative votes from council members present.
The move concludes the council's immediate decision on insurer selection for the coming policy year; staff said the policy renewal is due this month and the change is intended to ensure the village meets new cyber-insurance expectations and has up-to-date replacement values for fleet and equipment.
