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Village reports roughly $50,000 in insurance savings after policy review
Summary
Trustee Rice led a review of village insurance policies and, after competitive outreach and detailed policy review, reported the village will remain with its carrier and realized about $50,000 in savings; workers' compensation review to follow in two weeks.
Trustee Rice, who serves as the village insurance liaison, reported that the board reviewed insurance options with the current carrier and an alternative agency and negotiated improved terms that will deliver roughly $50,000 in total savings to the village.
Rice said the savings were possible because the village has had a good claims record and because the team reviewing the policies carefully examined the fine print; the trustees credited the review process and noted it was within the budget forecast.
Trustee Rice added that workers' compensation will be reviewed in about two weeks and that additional savings are expected when that review is complete. No contract changes beyond continued coverage with the current carrier were approved at the meeting.
