I'm way behind in covering last week's Town Board meeting. One of the briefer topics they discussed was insurance for the town, with John Bailey of George B. Bailey Insurance presenting their current insurance and the prospects for the future.
Because insurance is in a "hard market", with investments producing very little cushioning, insurance premiums are up. The full report (501KB PDF) shows that the town's premiums, without changes, will likely grow from $65,389 to $69,928 (without terrorism coverage), a 6.9% increase. (Premiums had declined in the late 1990s because of the stock market boom, but rose again when that ended.) Bailey did suggest increasing the uninsured motorist coverage.
There were some discussions about terrorism insurance, which the federal government requires be provided as an option. Bailey explained that it would cost $2013 for 2003-4, and only applies in cases where the federal government declares that a terrorist attack has occurred and the total damages of the incident - not just in Dryden - are greater than $5 million.
Councilman Marty Christofferson asked where coaches and similar positions fall in insurance, and Bailey reassured him that they're covered for programs under the auspices of the town, complete with accident insurance.
No action was taken at the meeting to change the insurance, which is up for renewal June 1st. Bailey will be meeting with the Insurance Committee, composed of Councilmen Christofferson and Hattery.
Posted by simon at May 22, 2004 5:10 PM in public finance