September 18, 2017 - Insurance Meeting

Insurance Committee Meeting
September 18, 2017
 
I opened the meeting at 6:30 PM. The meeting was to discuss liability and property insurance for the Village for the upcoming year.
There were four companies that requested information to supply quotes for the insurance. Three of the four followed through with the quotes, one never showed up for their appointment and never called back. The three quotes are as follows:
  •          Public Entity Pool (PEP):                                                $42,148
  •          Wichert Agency:                                                           $47,734
  •          Assured Partners:                                                         $52,914
                    (this quote does not include the cyber liability fee)
The lowest quote came from Public Entity Pool. It is a member owned self-insurance company that provides an alternative to traditional insurance. Reluctance is understandable given the current health insurance predicament. I provided an explanation on how to leave the pool.
Assured Partners knew they were not in a position to be considered for contract and wish to recommend Selective Insurance through the Wichert Agency and discourage the use of PEP.
Consensus among committee members was to contract with Wichert Agency for a three-year contract commencing September 25, 2017 through September 24, 2020.
 
Meeting adjourned at 6:41 PM.
 
Respectfully submitted,
 
K. Kris King, Clerk-Treasurer