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Steger board approves $546,647 ICRMT liability and workers' compensation renewal
Summary
Trustees unanimously approved the village's ICRMT liability and workers' compensation renewal for $546,647. Trustee Perchinski said the renewal reflects an overall increase just under 7% and cited a five‑year loss ratio of $3.2 million with reserves.
The Board of Trustees voted unanimously Nov. 4 to approve the ICRMT liability and workers' compensation insurance package for the Village of Steger in the amount of $546,647.00.
Trustee Perchinski summarized the renewal and underlying data, noting the overall renewal increased "just under 7%" and that the village payroll rose roughly 3%, with property coverage also contributing to the cost. Perchinski cited a five‑year loss ratio with reserves totaling $3.2 million as part of the underwriting context and said he believed the renewal represented a fair price for coverage.
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