Lake County Gazette

The village board examined a renewal of a contract for insurance premiums.

"I was just going to say, this is very good coverage for a very reasonable premium" Long Grove Village Trustee Kent Tinucci said. "The tiny increase in the rate is surprisingly low given the inflationary environment we're in right now."

Two years ago the village put out for bid for their insurance coverage looking for cost savings and found a good price for their coverage amount with Stolarick & Company. This year, they asked them to keep it as low as possible and were very pleased with the proposal that the insurance company came back with. 

Stolarick & Company offered them a raise at a rate of only 0.97% for their same coverage, which was shocking to the board based on current rates of inflation. The raise was mostly due to worker’s comp being added because the village did not have an official village manager on the payroll last year. The village also made some changes to its cybersecurity coverage. 

The trustees discussed a few areas of the coverage. They were able to get their improved cyber security, worker’s comp, and liability insurance. There was a new aspect of disaster event coverage, for traumatic events that could occur in the city that the board defined. Because it was a new category for them they trusted the advised amount of coverage that the insurance company suggested.