Liability Insurance

Section III - Non-Departmental: 9451 Liability Insurance

The Liability Insurance budget is primarily comprised of property, liability and workers compensation coverage as well as Police and Fire 111F. There are also some additional insurance coverages required such as bond insurance for the town treasurer collector and assistant treasurer collector, marina liability and drone coverage. The Town contracts with MIIA for the vast majority of our insurance needs. MIIA provides a wide variety of insurance products as well as an employee wellness program and an annual MIIA grant program. The increase for this year is due to the Town acquisition of the Cape Cod Sea Camps and the need to add the two properties to our insurance coverage. The other insurance items are at an overall estimated 3% increase but some lines have been adjusted based on FY22 actuals. We typically receive our annual rates from MIIA in February. Coverage for Golf and Water are carried in their respective budgets.

• The budget represents a $57,232 (12.25%) increase over the FY22 budget.
• The cost for property and liability insurance $50,000 for the Cape Cod Sea Camps has been incorporated into this budget.
• The Insurance budget increase is being carried at 3%. We have not received the actual FY23 rates from MIIA. Some of the line items have been adjusted to reflect actuals.
• Click here to see BUDGET INCREASE RATIONALE FORMS.