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Insurance broker outlines new program that could cut village premiums by about $170,877
Summary
At a village board meeting, broker Mark Connelly described options after the incumbent carrier issued a nonrenewal, saying competing quotes reduce the village's projected annual cost by roughly 26.3% (about $170,877) while noting remaining issues including flood coverage and umbrella limits.
Mark Connelly, managing director for an insurance brokerage and account executive for the village insurance program, told the Elmsford Village Board that the village received a nonrenewal notice from its incumbent carrier, Trident, and that brokers solicited multiple replacement proposals.
Connelly said, "we received a non-renewal notice from the current insurance carrier, Trident, that they were nonrenewing because of excessive losses," and that incurred losses over the past four years on the account were nearly $1.9 million.
The broker said the firm pursued quotes from several large municipal insurers, including Travelers, Houston Casualty and Gladfelter, and that two potential carriers ultimately declined to submit competitive quotes. He described three competing price points discussed with the board: one proposal at about $650,000 in annual premium, another quote at about $480,000 that did not include a full $10 million umbrella limit, and a combined program figure that the broker said would be roughly $557,000. Connelly emphasized tradeoffs between premium cost and umbrella and flood coverage levels.
The presentation noted two locations require additional flood insurance review and that the village will review property values to ensure replacement-cost coverage if a total loss occurs. Connelly said most coverage was "bound and in place" as of the meeting but that a few administrative items remained to finalize.
Chair (S1) summarized the financial impact on the village, stating the changes amount to a roughly 26.3% reduction in premiums, which the Chair said equals approximately $170,877 in savings. The broker credited his team and village staff for assembling documentation, including photos used to secure coverage for a local church.
The board did not record a final vote on the contract during the segments provided. Mr. Finch, the village administrator, was given the broker's documents and was tasked with following up on the remaining items before the board takes any formal action.
Next steps: staff will complete outstanding flood-insurance and valuation reviews and report back to the board; no final approval was recorded in the transcript segments provided.
