Control board approves city insurance package
YOUNGSTOWN -- The city's board of control approved the 2004 municipal insurance package at a special meeting.
The board -- Mayor George McKelvey, Finance Director David Bozanich and Law Director John McNally IV -- awarded a $666,064 contract Monday to Jackson Diekon and Associated, Westlake. The company made a proposal on behalf of Arch, Travellers and Hartford Insurance companies Dec. 3, for the period Dec. 31, 2003, through Dec. 31, 2004.
Atty. Iris Torres Guglucello, deputy law director and head of the city's management risk program, said the 2004 premium for the same coverage as in 2003 would have been $837,547, about a 21 percent increase.
Changes to policy
To keep the premium close to the 2003 amount of $684,876, the city lowered coverage in some areas and increased deductibles on property from $5,000 to $10,000 per occurrence.
Also, the contract eliminates collision coverage, but it has catastrophic coverage for vehicles worth less than $75,000, including coverage up to $1 million, with a $25,000 deductible, for vehicles kept at any one location.
The policy also includes:
UPhysical damage coverage for fire vehicles, subject to a $5,000 comprehensive and collision deductible; and heavy licensed road equipment worth at least $75,000, such as street sweepers.
UGeneral liability, and liability for public officials and law enforcement in the amount of $1 million per occurrence, with deductibles of $10,000 for general liability and $25,000 for public officials and law enforcement.
UBlanket property coverage up to $105,519,187.