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Village of Mayfield <br />June 10, 2020 <br />Page 2 <br />this legislative action, assuming it would even pass Constitutionality tests would bankrupt many <br />insurers that stand ready to insure your past, present and expected exposures. It is likely that a <br />Federal backstop, similar to the Terrorism program may be included, and we will have further <br />discussion on that topic in due time. <br />There are some that believe the future insurance pricing must go up, either because of horrible <br />investment returns, the inclusion of at least some business interruption, or the litigation costs on <br />all fronts likely to go on for many years. There is an equal argument that the lack of driving and <br />overall activity in our lives will produce superior loss ratios, coupled with the total inability of <br />businesses to even pay for insurance will drive costs down. Now isn't that a nice range of <br />alternatives? <br />So specifically, Selective will be refunding, under a separate transaction, 15% of the April and <br />May auto premium. While you have heard that for Personal Auto insurance, few carriers have <br />done the same. And your premium is already low enough that the refund will be less than <br />$1,000!, but the thought that less driving may be in play. The credits will be $358 in April and <br />$362 in May. Furthermore, while we have never made a big deal of Selective's dividend <br />program, the City has received return premium from past years for better results that could <br />increase if this period produces lower losses. <br />In closing, and particularly for others that may read this letter, Wichert Insurance is positioned to <br />handle your Insurance and Risk management needs throughout this crisis and beyond. Many of <br />the huge technology costs we experienced in recent years have really been "enjoyable" to <br />watch as we are leveraging our resources to keep boots on the ground and weather the <br />storm. We have spent much time on Loss Control issues and look forward to the utilization of <br />the new projects. <br />Thank you again for all the many years with Wichert Insurance. <br />Sincerely, <br />Wiche;KnsurMce <br />Thm . Wichert, CPCU, ARM <br />Pri cipal & CEO <br />/mn <br />HI/ <br />