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Selectmen authorize signature on new cybersecurity policy and other insurance renewals
Summary
After reviewing quotes the board authorized the Chair to sign a new cybersecurity insurance policy (quoted in the transcript at $6,488.60 and described as providing per‑incident coverage) and approved authorization to sign routine insurance renewals and a change to life/short-term disability benefits.
The Board of Selectmen authorized the Chair to sign a new cybersecurity insurance policy and approved motions authorizing signature on other routine insurance contracts due in July.
Chair summarized the procurement process: town staff compared the existing provider (Cowbell via Karma) and other quotes, and reported that a policy from a carrier identified in the transcript as Yukon with a carrier relationship to Lloyd’s of London offered better coverage at a lower premium than budgeted. The Chair reported the new policy would cost $6,488.60—about $1,500 less than the amount the town had budgeted—and confirmed the policy provides coverage per incident rather than a single-instance limit.
A Committee member asked about the deductible; the Chair said the deductible is likely $5,000 (the previous Cowbell policy deductible was referenced at $10,000). After discussion, the board moved, seconded and voted to authorize the Chair to sign the cybersecurity policy. The board separately authorized the Chair to sign PERMA insurance renewals covering motor vehicle, liability and workers’ compensation and approved switching life insurance and short-term disability to a standard plan the board said will be more cost‑efficient and expand access.
All signature authorizations were approved by motion. The Chair asked staff to proceed with the recommended policies.
