Town of Webster Insurance Summary Comparison of 2023 to 2024
HCC TOKIO MARINE Property and liability insurance premium
Actual POLICY YEAR 2/1/23 - 2/1/24
Actual POLICY YEAR 2/1/24 - 2/1/25
Actual 2023 to 2024 NET CHANGE
2024 BUDGET
Over budget (Under Budget) 2024 BUDGET To Actual
$361,524
$412,386
$50,862
$395,000
$17,386
$412,611
$390,704
$(21,907)
$497,000
$(106,296)
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PERMA Worker’s compensation insurance premium
GRAND TOTALS
$774,135
$803,090
$28,955
$892,000
$(88,910) _____________
1. If the Town of Webster agrees to a $10,000 automobile liability deductible, the premium will drop by $ 24,000. 20192023 five-year timeframe had 11 such events with an aggregate $52,000 paid out by the town. 2. The Town of Webster’s comp. premium dropped even though payroll costs went up. The town’s experience ratio (mod) improved from 1.1 to .74. Average ratio for like kind industry is 1.00. Anything higher than 1.00 is considered poor compared to average, and anything below 1.00 is considered good compared to average. 3. Total actual 2024 insurance premium cost is 3.75% higher than 2023. the Town had budgeted for a 15% increase in total insurance premium increase in 2024.