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Dolton borough insurance renewal negotiated at 6% increase; board authorizes binding
Summary
InsureSource reported a 6% renewal for Dolton's general liability program with no plan changes; the board voted to authorize binding for the policy that renews Aug. 5.
Cliff Taylor of InsureSource, Dolton's insurance broker, told trustees on Aug. 3 that the village was able to negotiate a 6% renewal for its general liability insurance program and recommended the board authorize binding before the Aug. 5 renewal date.
"Going to the marketplace this year, we were able to, negotiate a 6% renewal, which is a fantastic renewal in this marketplace," Taylor said, noting that the municipal insurance market had been difficult in prior years and that a prior carrier change saved the village roughly $800,000.
After Taylor's presentation, a motion to approve the binding for the new coverage was made and the clerk called the roll; trustees voted in favor and the motion passed. The board did not change coverage terms during the meeting and the broker said he would continue to work with department heads to manage the program.
