Insurance renewal proposed

MACOMB — Chris Pumo from Pumo Insurance presented a renewal proposal for the City of Macomb's insurance policies at the Committee of the Whole meeting on Monday.

The insurance is administered locally through Pumo Insurance and the Illinois Program Managers Group (IPMG) with Illinois Counties Risk Management Trust (ICRMT) as the underwriter. ICRMT has over 380 members, with a retention rate of 97%. This year a complete audit was done of the City Facilities and contents which resulted in a more accurate listing. Due to this, there was an increase of $10 million in facility value and 1.4 million in content increase. The total annual premium is $561,826, which is an increase from the previous premium of $485,004. Last year a credit was given to the City for $44,235 because of the pandemic. The total annual premium of the new policy is comparable to the 2020 (553,302) and 2019 ($558,077) premiums. The policies include risk management and loss control services, such as training solutions; claims management services, such as claims for property, casualty and workers compensation claims; general liability, such as volunteers and terrorism; violent event response coverage, such as crisis investigation and temporary security measures; law enforcement liability; auto liability and physical damage; public officials liability; excess liability; cyber liability; property; mobile equipment & misc articles; equipment breakdown; sales tax interruption; crime; and worker's compensation.