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Village approves new commercial insurance policy; cost exceeds budget by ~ $11,000 due to added cyber coverage
Summary
Trustees approved Resolution 24-45 to purchase a commercial insurance policy via Broadmoor Agency/Illinois Counties Risk Management Trust. Staff said budgeted amount was $90,000 but the quote arrived at about $101,000, due largely to added cybersecurity coverage and recent claims.
The board approved Resolution 24-45 authorizing the village to accept a commercial insurance policy and quote presented by Broadmoor Agency Inc. through the Illinois Counties Risk Management Trust. Staff reported the village had budgeted $90,000 for the policy but the final quote was approximately $101,000 — an increase driven in part by added cybersecurity coverage compared with last year.
"We had budgeted $90,000, but it came in at a $101,000, mostly because...we added cybersecurity," a staff speaker said while explaining the variance. Trustees discussed that insurance rates are rising generally and noted that workers' compensation costs have been down this year, but recent claims had affected the overall rate. Board members said they planned to solicit new quotes next year.
The resolution was moved and seconded and adopted by roll call. Trustees did not direct immediate further budget adjustments in the meeting but acknowledged the higher-than-budgeted cost and the need to compare quotes in future procurement cycles.
