Council approves property/casualty renewal and adds cybersecurity coverage
Summary
Council approved renewal of the town's property and casualty insurance and voted to add a cybersecurity endorsement after staff described rising online payment activity and modest premium for cyber coverage.
The council voted to renew its property and casualty insurance and to add a cybersecurity endorsement after staff outlined the risks of online payments and recent claims history.
"I move that we approve the renewal of our property and casualty policy and include the cybersecurity policy for the additional $36.86 for a total of 65,754," the chair said before the council voted in favor by voice vote. Members discussed whether to shop carriers but acknowledged renewal deadlines and that municipal rates are largely set by carrier market structures. The chair and others pointed to recent claims and the relatively low incremental cost to add cyber coverage, and the motion passed by recorded "aye" votes.
Council asked staff to examine options for named additional insureds (for example the AOS vendor that hosts services) and to consider shopping markets once the current term expires.
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