MONTICELLO – The Village of Monticello is poised to save approximately $455,000 annually on its insurance costs after a presentation by members of The Reis Group highlighted a new municipal insurance package expected to provide broader coverage while lowering the village’s deductible.

Representatives Rory McKane and his father Owen McKane of The Reis Group appeared before the village board during their Wednesday night meeting to review the proposed policy, which they attributed to the village’s ongoing efforts to reduce risk, coupled with its improved claims history.

According to Village Insurance Broker and Vice President of Municipal Services Owen McKane, the proposal would reduce what had essentially become a $100,000 self-insured retention to a $25,000 deductible while expanding coverage in several areas.

According to Owen, the village’s insurance costs had risen because of years of frequent claims, but recent improvements have dramatically improved the municipality’s standing with insurers.

“Claims had accumulated over a 12-year period,” he explained. “In the last five years, especially with this board, the claims have dropped.”

He said insurers reviewed roughly 12 years of claims history, during which approximately $1.85 million had been paid out in claims. However, over the past five years, those claims have resulted in a loss ratio of just 9.4 percent. Likening it to a “report card” for the Village of Monticello, Owen called it an “A-plus.”

The proposed insurance package includes blanket property coverage, general liability, law enforcement liability, crime coverage, public officials’ liability and a $10 million umbrella policy. Owen said the package strengthens the village’s overall protection while placing it in a stronger position for future renewals.

Rather than simply renewing coverage each year, The Reis Group plans to continue working with the village through quarterly meetings, risk management initiatives and property inspections with the goal of preventing claims before they occur.

“We think there’s more premium to save over the next couple years,” Owen said.

Village board members welcomed the projected savings, with Owen noting that the reduction could free up hundreds of thousands of dollars in future budgets.

Trustee Theodore Hutchins commended Village Manager James Snowden for his efforts throughout the process.

“You completed one of your biggest goals that you said you wanted to do when you came back, and when we all came back. That one goal was there,” Hutchins said. “Don’t get comfortable; we still need you to finish all your other goals.”

Hutchins also expressed hope that the village’s continued focus on safety and risk management will lead to even lower premiums in future years.

“Owen, I’m expecting next year’s renewal for this number to go down,” he said.

The village also expressed its support for continuing to work closely with The Reis Group on risk management initiatives designed to keep claims low while maintaining comprehensive insurance coverage for future village operations.