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West Mead Township reviews property, cyber and workers27 compensation insurance ahead of July 1 plan year
Summary
The Board heard from Barrs Insurance that a soft market is offset by the township27s claims history, prompting a review of replacement values, inland marine transfers for vehicles, increased cyber coverage and a recommendation that the township own the tax collector27s computer and explore VPN coverage.
West Mead Township officials spent part of their June 9 study session reviewing property, casualty and cybersecurity insurance ahead of the July 1 plan year.
Chad Wagner of Barrs Insurance told the board that while insurance markets are generally soft, the township27s claims history has pushed some premiums higher. He said the township saved money earlier this year by moving vehicles and certain equipment to inland marine coverage and that the Township currently receives a 5% workers27 compensation premium deduction because of a long-standing safety committee.
Wagner also said crime and cybersecurity exposures have increased and that bonding and coverage for computer equipment used by the elected tax collector require attention. He recommended the township own the tax collector27s computer and explore coverage options for remote or VPN access; Secretary/Treasurer Jill Dunlap said staff would look at alternative solutions as well.
Wagner and Dunlap will further review replacement-cost estimates for vehicles and equipment, and staff plan to schedule informational meetings with insurance representatives and any interested employees or the tax collector before the plan year begins on July 1.
