The Town of Prescott is getting increased insurance coverage and it’s all falling within budget expectations.
On Wednesday evening the town’s Treasurer Matthew Armstrong recommended the town accept three changes to the existing insurance coverage when they renew their coverage plan. The first suggestion was an increase in the General Liability coverage from $15,000,000 to $20,000,000. This would change the amount the town was covered for in the event of an incident. The second change was adding Volunteer Accident Insurance to the policy so volunteers could be covered under the town’s insurance while volunteering. The final change was making the Council Member Accident coverage 24/7. Armstrong presented this as a good idea because it can be difficult to identify when council is acting independently compared to as a member of the council. This eliminates the possibility of the council and a councillor disagreeing over the nature of future injuries.
All three of these changes would cause a 3.1% increase to the price of the town’s insurance. Fortunately this year’s budget, which is where the funds to pay next year’s insurance will be coming from, was made assuming there would be a 3% inflation to the town’s insurance.
Mayor Brett Todd wanted to be sure the town was still covered against cyberattack, which they were, and then the motion passed unanimously.