HomeMy Public PortalAboutFY2019 Liability InsuranceGENERAL LIABILITY INSURANCE
The Town contracts with a 3rd party insurance provider on an annual basis. An overview of coverage
terms are as follows:
Worker’s Compensation: Insurance that covers an employer’s liability for injuries, disability, or death
to persons in their employment, without regard to fault, as prescribed by state or federal workers’
compensation laws and other statutes.
Police Professional: Provides liability insurance coverage for police officers and police departments, in
conjunction with acts, errors, and omissions while performing their professional duties.
Multiperil Property: Business property coverage combining several types of property insurance into
one policy.
General Liability: Insurance policy that covers claims arising from an insured’s liability due to damage
or injury (caused by negligence or acts of omission) during performance of his or her duties or business.
Public Officials: Insurance coverage available to pay for liability arising out of the performance of
professional or business related duties, with coverage being tailored for each specific profession /
position.
Bonds – Various: A form of debt security whereby the debt holder has a creditor stake in the company.
Obligations issued by the governmental units that have a fixed schedule for one or more future payments
of money; including commercial paper, negotiable certificates of deposit, repurchase agreements, and
trust certificates.
Umbrella: Coverage for the liability of a commercial venture above a specific amount set forth in a basic
policy issued by the primary insurer; or a self-insurer for losses over a state amount; or an insurance or
self-insurer of known or unknown gaps in basic coverages or self-insured retentions.
Boilers and Machinery: Coverage for failure of boilers, machinery, and other electrical equipment.
Benefits include (i) property of the insured, which has been directly damaged by the accident; (ii) cost of
temporary repairs and expediting expenses; and (iii) liability for damage to the property of others.
Coverage also includes inspection of the equipment.
Fleet Auto: This policy provides coverage that protects against financial loss because of a legal liability
for motor vehicle related injuries (bodily injury and medical payments) or damage to the property of
others caused by accidents arising out of ownership, maintenance or use of a motor vehicle. Commercial
policies are defined as all motor vehicle polices that include vehicles that are used primarily in connection
with business, commercial establishments, activity, or employment.
School Board Legal: Insurance coverage for the school board and educators to protect not only teachers
but also school board members, administrators, volunteers, student teachers and various other members of
the education staff as well as for errors and omissions.
Fire & Police Accident: Coverage for accidental injuries including death benefits for firefighters and
police that are caused in the line of duty.
Inland Marine: Coverage for property that may be in transit, at a fixed location, a movable good that is
often at different locations, or schedule property including but not limited to instrumentalities of
transportation and communication such as bridges, tunnels, piers, wharves, docks, power and phone lines,
radio and television towers.
Audits: Audits are performed on an annual basis to review strengths and weakness in current insurance
policies and identify any gaps within insurance coverage that pose a risk to the town.
Vacant Building Policy: An insurance policy that insures a vacant (or unoccupied) residential or
commercial building.
Excerpt from the National Association of Insurance Companies, Insurance Industry Glossary; link:
http://naic.org/consumer_glossary.htm
GENERAL FUND
DEPT HEAD
TOWN
ADMINISTRATOR SELECTBOARD
FINANCE
COMMITTEE
EXPENDED APPROPRIATED REQUESTED RECOMMENDED RECOMMENDED RECOMMENDED
GENERAL EXPENSES;
Workers Compensation 190,570$ 196,800$ $ 193,238 $ 193,238 $ 193,238 $ - -1.8% $ (3,562)
Police Professional 10,567$ 11,300$ $ 12,430 $ 10,774 $ 10,774 $ - -4.7% $ (526)
Multiperil Property 45,072$ 50,200$ $ 55,220 $ 47,818 $ 47,818 $ - -4.7% $ (2,382)
General Liability 74,882$ 95,700$ $ 105,270 $ 90,997 $ 90,997 $ - -4.9% $ (4,703)
Public Officials 21,182$ 24,500$ $ 26,950 $ 21,761 $ 21,761 $ - -11.2% $ (2,739)
Bonds - Various 1,150$ 1,400$ $ 1,400 $ 1,400 $ 1,400 $ - 0.0% $ -
Umbrella 8,632$ 10,400$ $ 11,440 $ 9,764 $ 9,764 $ - -6.1% $ (636)
Boilers and Machinery 2,684$ 3,000$ $ 3,300 $ 2,894 $ 2,894 $ - -3.5% $ (106)
Fleet Auto 42,886$ 50,400$ $ 55,440 $ 48,505 $ 48,505 $ - -3.8% $ (1,895)
School Board Legal 2,607$ 2,700$ $ 2,970 $ 2,662 $ 2,662 $ - -1.4% $ (38)
Fire & Police Accident 29,565$ 48,100$ $ 44,000 $ 44,000 $ 44,000 $ - -8.5% $ (4,100)
Inland Marine 22,616$ 24,600$ $ 28,960 $ 25,916 $ 25,916 $ - 5.4% $ 1,316
Audits -$ $ - $ - $ - $ - 0.0% $ -
Vacant Building Policy -$ -$ $ 3,120 $ 3,120 $ 3,120 $ - 100.0% $ 3,120
Rewards/Credits (30,879)$ (19,000)$ $ (19,000) $ (19,000) $ (19,000) $ - 0.0% $ -
Transfer to Insurance Proceeds 30,000$ $ 30,000 $ 30,000 $ 30,001 $ - 0.0% $ -
GRAND TOTAL 421,534$ 530,100$ 554,738$ 513,850$ 513,850$ -$ -3.1% $ (16,250)
Vote 4-0-0 Vote TBD
FY2019
% CHANGE
YR / YR
$ CHANGE YR
/ YR
Note: Reward / Credit is applied directy to the next invoice as opposed to issuing a check as a revenue source; Transfer to Insurance Proceeds Fund was previously an annual article; Decline in
Worker's comp due to Golf and Water paying their expenses from their spending limits.
LIABILITY INSURANCE
FY2017 FY2018
Liability 3/23/2018