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Village accepts competitive insurance package, keeps separate crime and cyber policies
Summary
Council approved an annual liability insurance renewal using a competitive process; the village selected Tokyo Marine/HCC for primary coverage and retained separate crime and cyber policies through Travelers and State National after soliciting a PEP risk-pool quote that improved broker offers.
Council approved Ordinance 38-2025 on May 19 to renew the village's liability insurance and related coverages.
Phil Kaplan summarized the administration's market approach: the administration solicited a competitive quote from a risk pool (PEP), which produced a low bid but included contractual requirements the village found unsuitable. Mr. Kaplan said that approach encouraged the village broker to secure stronger bids; the village chose Tokyo Marine/HCC Insurance Company for primary coverage and obtained separate crime and cyber liability policies through Travelers Insurance Company and State National. Mayor Dunphy noted the crime and cyber coverage offers more protection than in past years.
Mr. Kaplan said he would assist the administration in future claim reviews and that council discussed potential sewer-related claims and insurance coverage. The ordinance was adopted unanimously after suspension of the rules, roll-call vote 7-0.
Council did not disclose premium totals during the meeting.
