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Shiocton trustees keep Maritime Insurance, citing uncapped flood coverage despite lower competitor quote
Summary
After reviewing two quotes, the board voted to remain with Maritime Insurance because Maritime’s policy lacked a flood/storm-water runoff cap that the lower-cost quote from McClone would have imposed.
Clerk Laurie Sweeney presented two insurance quotes to the board on March 9: the incumbent Maritime Insurance and a lower-cost proposal from McClone Agency. Sweeney said the McClone quote was "about $5,000 lower" and included some annual reimbursements for safety and police policies, but that McClone’s flood and storm-water runoff policy capped coverage at $1.5 million while Maritime’s policy did not impose a cap.
"McClone Agency quoted about $5,000 lower and had a couple annual reimbursements for safety and police policies. The flood and storm water runoff policy caps out at 1.5 Million for Village property, leaving a risk on the Village. Maritime policy does not have a cap on that," Clerk Laurie Sweeney said.
After discussion about the trade-off between lower premiums and potential exposure for flood and storm-water runoff claims, Trustee Brownson moved and Trustee Dawes seconded a motion to remain with Maritime Insurance under agent Lawrence Hansen. The motion passed with Trustees Brownson, President Jenny Schmoock, Dawes, Gomm, Tyler and Woods voting aye and Trustee Bunnell voting nay.
The minutes record the Board's decision to prioritize uncapped flood coverage over the roughly $5,000 annual premium savings from McClone; no further changes to coverage were recorded in the shortened minutes.
