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Board approves higher property deductible and increases excess liability after insurance review
Summary
An insurance representative reviewed county exposures and the board approved raising the property deductible from $1,000 to $10,000 and increasing excess liability limits (board approved increases discussed up to a $15 million total limit) to balance premium savings and liability protection.
After an extended presentation and discussion, the Dickinson County Board of Supervisors approved changes to the county’s insurance structure: raising the property deductible from $1,000 to $10,000 and increasing the county’s excess liability limits.
Ross, the insurance presenter, reviewed policy exposures, values and premiums and highlighted a significant decrease in the county’s workers’ compensation experience modifier to 0.63, which reduces the work-comp premium. He explained options to change property deductibles (with projected premium savings if deductible is increased) and to buy additional excess liability coverage. Board members discussed the trade-offs between higher deductibles (short-term savings) and the county’s appetite for higher umbrella/excess limits to protect taxpayers in the event of a large judgment.
Following discussion a supervisor moved to change the property deductible to $10,000 and to increase excess liability levels as discussed; the motion was seconded and the board voted unanimously in favor. Staff will revise renewal paperwork and submit selections to the insurer.
