2012-2013 premiums less than 5 years ago, despite additional coverage

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.

In other business Tuesday night:

  • Trustee John Basile gave an update on the sewer upgrade project going on this summer. In May, the board awarded $1.8 million in contracts to four lower bidders to make upgrades and repairs to the sewer systems in the village and in the town’s Castle Cliffs Sewer District. The improvements will meet terms of a consent decree issued by New York State Department of Environmental Conservation mandating the capital improvements to reduce the infiltration of ground water into the village sewer collection system. Basile said work at Castle Cliffs began on Monday, July 16, and the upgrades to the Clinton Court area will most likely begin in August.
  • Trustee Ellen Vomacka reported that the village’s long-awaited sidewalk installation project near the Stillwater Central School is under final review by the State Department of Transportation with final approved expected this month. The next step would be to solicit bids for the work with the hopes of finishing the project before the start of school in September.
  • Superintendent of Public Works, Robert Gerasia, reported that included in the work for the summer, crews have been busy clear debris in various areas and removing weeds from village sidewalks.
  • The board approved a request from the Stillwater United Church to use village streets for the fourth annual “Run For the Future” 5K Run/Walk to be held at 10 a.m. on Saturday, August 25. The request was approved on the condition that church officials acquire a one-day insurance policy (rider) to remove liability from the village. The board also recommended that the church look into using the school track for this event in future years so it does not disrupt traffic for village residents.