Having sought bids in 2002 on the Town's property and liability policies (on the limited risks for which the town insures its potential liability), the Insurance Advisory Committee agreed to the renewal of the existing coverage through the same brokers and programs. The property policy premium was increased dramatically based on the updated values of Town properties. The Schedule of Values was updated by a professional appraiser secured by the Town Assessor's office. The insurance markets continue to be extremely limited with increased rates in this "hard" insurance market.
Tom Faulkner announced his intention to resign from the Committee in May. Tom has rendered years of exemplary service to the Town and the Insurance Committee, and the Committee accepted his resignation with great disappointment because of the loss of his great expertise. Best wishes to Tom and his wife in their anticipated travels! Thank you Tom!
Replacing Tom on this committee is Robert Masse, a former colleague of Tom’s at WT Phelan Insurance in Belmont and an insurance professional. We are pleased to have him join this committee.
Respectfully submitted,
Insurance Advisory Committee
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