The village will pay less for property and liability insurance in 2012-2013 than it did five years ago, according to a report presented to the Village Board of Trustees Tuesday night (July 17).
The village’s one-year renewal insurance premium beginning this July will be $24,867, up slightly from last year’s premium of $24,207, said David Meager, representing village insurance carrier Adirondack Trust Insurance of Saratoga Spring.
But despite increasing coverage over the years such as adding more buildings to the policy, raising coverage limits and taking on a Computer Fraud policy, the village is actually paying less than it did in 2008-2009 when the policy cost $24,966.
“Your premiums have held pretty constant over the years,” Meager told Trustees, as he walked them through the 13-page policy report for 2012-2013, during a 30-minute presentation. “That’s a credit to the village for keeping on top of its coverage.”
Each year the village reviews its policy with Adirondack Trust to see if coverage needs have changed and whether or not adjustments need to be made. The policy is extensive, Meager said, covering all village buildings and their contents, the water treatment plant and sewer pump stations, playground equipment, automobiles and large construction equipment (backhoes and dump trucks), theft, liability, computer fraud and more.
The buildings and contents are covered for replacement cost for up to $4 million with a $1,000 deductible. The policy also covers general liability claims like “slips and falls” on village property and automobile accidents on village streets, Meager explained, for up to $3 million.
Vehicles and large construction equipment “10 years old and younger” are covered for replacement cost. Computer fraud protecs the village should an outside source steal money by electronic means, “which does happen, unfortunately,” Meager said.
The Village Board will review the renewal insurance policy in coming weeks before approving it.