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Iroquois County committee approves Beasley cyber-breach response policy; premium quoted at $9,063
Summary
The county's finance/IT/tax committee approved a Beasley cyber breach response insurance quote on July 6; staff said the policy preserves core coverage (forensics, business interruption) with limits cited in the meeting and that other policy options will be considered in coming months.
The Iroquois County Finance, IT & Tax Committee approved a Beasley cyber breach response insurance quote during its July 6 meeting, moving to secure continued protection against ransomware, malware and business-interruption claims.
Chair (speaker S1) moved the motion on the Beasley quote and identified the quoted premium during the meeting: “I moved to review the Beasley breach response cyber insurance policy” and cited a figure of $9,063. After brief discussion, members voiced approval by a voice vote.
County staff and the presenter (speaker S2) described the proposal as similar in scope to prior coverage but explained the cyber market is increasingly nonstandard. S2 summarized the main coverage and cost structure: primary limits presented in the meeting were described as $1,000,000 for certain coverages and $2,000,000 for others, and S2 explained retention examples used in the policy (for breach response and triggered loss scenarios) and the role of forensic investigations in the coverage.
S2 said forensic vendors in the policy would investigate incidents and advise whether credit monitoring or notices were required following a breach. The presenter also noted that cyber carriers accepting municipal risk are limited and that the policy was obtained through a specialty broker that places coverage in the nonstandard market.
Committee members noted the broader market pressure on cyber rates. Earlier in the meeting a presenter (speaker S3) said market renewals are trending higher and cited recent renewal notices that she was negotiating, and S2 cautioned staff to expect upward pressure in coming renewals while trying to reduce costs where possible.
The chair said the committee would hold other policy recommendations — such as new employer benefit options and additional vendor proposals — for further discussion over the coming months, while the Beasley policy was moved forward. Staff said they will bring any recommended alternative plan options to members if rate relief efforts require plan changes.
Next steps: staff will finalize the Beasley coverage and return any additional policy recommendations to the committee for review; the committee did not set a specific date for final paperwork during the July 6 meeting.
