Walton Hills council adopts one-year Travelers insurance renewal after broker outlines higher property-driven premium

Walton Hills officials on March 30 adopted Resolution 2026-12 to approve a one-year municipal package insurance program with Travelers, effective March 31, 2026 through March 31, 2027, the village's insurance broker told council.

John Love, of Love Insurance, presented the renewal options and described why the village's premium changed. He reported that "the renewal premium is 136,368," and said much of the increase was driven by property valuations and the village's recent loss history. Love told council the broker negotiated with carriers after Travelers' original proposal showed a larger increase.

The broker walked council through key elements of the proposed policy: property coverage and an increased electronic data processing (EDP) limit for computer equipment, an equipment breakdown provision, and specific deductibles (property deductible $5,000; flood deductible $25,000). Crime coverage includes employee dishonesty and computer fraud provisions with $100,000 limits for certain exposures, and law-enforcement and public-entity liability towers provide primary limits plus umbrella aggregate capacity, which the presenter described as increasing the village's total program to approximately $11 million in upper-layer protection.

Council members asked whether closed claims remain on record and how claims history factors into pricing. Love said insurers review historical frequency and severity when underwriting and that closed claims can still be considered in renewal evaluations.

Finance staff noted the village had budgeted for a 20% insurance increase; the broker and staff discussed the budgetary impact and whether the final figures would align with the adopted appropriation. The broker also identified that cyber insurance and other line items would affect the final outlay but indicated the negotiated renewal would reduce the original proposal.

A council member introduced Resolution 2026-12, authorizing the mayor and clerk to enter into an agreement with Travelers through Love Insurance for the municipal package. On an emergency second vote, council adopted the resolution; the transcript records voice votes in favor and states the resolution passed. The resolution covers the policy period March 31, 2026 to March 31, 2027.

The meeting record shows council asked staff for additional underwriting detail to understand drivers of the increase and to review equipment schedules for specific municipal assets. The village adjourned at 6:32 p.m.