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Rye Brook authorizes insurance carriers as premiums tick up; cyber coverage rises after earlier claims
Summary
The Rye Brook Board of Trustees approved Travelers for the villages package coverages and CAU Bell/National Specialty for cyber insurance May 26, citing a roughly 7% overall premium increase and higher cyber costs after previous claims.
The Rye Brook Board of Trustees on May 26 authorized Travelers as the villages carrier for property, liability, auto, umbrella, public officials and crime coverage and approved CAU Bell/National Specialty Insurance Company for the villages cyber policy.
The approval follows a renewal presentation by broker Michael Goldman, who said the villages combined premium across package, workers comp, cyber and accident policies rose to $660,135 from $616,638 last year, an increase of about 7 percent. Goldman said the cyber premium quoted by the broker he represented was $6,085 this year, a rise he tied to claims the village experienced in 2021 and 2023 that he estimated totaled roughly $41,000.
Why it matters: The board action sets the villages primary insurance relationships for the coming year and locks in coverages and limits tied to the presented premiums and optional deductible choices. Goldman outlined optional deductible increases that would lower premiums modestly (for example, an option to raise a general-liability deductible to $5,000 would save about $6,200).
Trustees questioned whether limits and umbrella coverage were appropriate for a village of Rye Brooks size; Goldman said most similarly sized municipalities carry a $10 million umbrella and that the villages limits are within industry norms. Goldman also noted a significant cut in the fund-transfer-fraud sublimit, from $1 million last year to $250,000 this year, a change he attributed to the earlier cyber-related claims. He said some public-relations sublimits were increased to broaden response coverage.
The resolution text submitted to the board lists Travelers estimated annual premium for the package policy at $357,724 and lists CAU Bell/National Specialtys cyber premium in the resolution at $6,865. The brokers presentation and the resolution therefore show slightly different cyber numbers in the record; trustees voted on the carriers and coverages described in the resolution.
The board approved the resolution by roll call, with Trustee Epstein, Trustee Heiser, Trustee Krom and Mayor Klein voting yes.
Next steps: The village will return signed execution documents authorizing the mayor and administrator to complete the contracts and to finalize any chosen deductible options.
