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Tuesday, January 25, 2022

County’s property and legal responsibility insurance coverage charges shoot up 15%

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The Reno County Fee Tuesday accredited persevering with insurance coverage protection of county property and operations with a coverage by way of Payment Insurance coverage Group, regardless of a greater than 15 % hike in its charges subsequent yr.

Ongoing provide chain and labor challenges, in addition to a declare for courthouse repairs stemming from a 2019 earthquake, have been each blamed largely for the rise.

Bob Payment, the county’s dealer with Payment Insurance coverage, stated Vacationers Insurance coverage is the underwriter and it was mountaineering its charges.

Payment Insurance coverage has been the county’s supplier for a few decade.

“They checked out a few issues to base their resolution on,” Payment stated. “Your three-year loss ratio is 159%, and your 5 years is at 106%. They take a look at it as they should earn money on the account, in addition to ensuring the charges are ample.”

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