CAA Paying Less For Coverage

June 12, 2006
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GRAND RAPIDS — The cost of liability insurance for the officers and directors of the Convention and Arena Authority fell by 21 percent, going from $10,268 for last year’s premium down to $8,100 for 2006.

Neither the amount of coverage or the deductible changed, nor did the insurer.

The CAA renewed its policy with Travelers Insurance, which apparently submitted such an untouchable premium price that Chubb and Cincinnati declined to offer a quote.

Here is a comparison of the liability policy for the past seven years.

Year           Limit           Deductible           Premium

2006      $5,000,000        $15,000               $8,100

2005      $5,000,000        $15,000               $10,268

2004      $5,000,000        $15,000               $13,200

2003     $10,000,000       $15,000               $23,750

2002     $10,000,000       $15,000               $22,000

2001     $10,000,000        $5,000               $14,850

2000  $10,000,000  $5,000   $13,500

Kent County Risk Coordinator Phil Van Dyke handled the matter for the board. The new policy is effective until April 25. 

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