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kvil Wichert I N S U R A N C E Solutions from Trusted Partners June 16, 2021 Village of Mayfield 6622 Wilson Mills Rd. Mayfield, Ohio 44143 Attn: Ron Wynne, Director of Finance RE: Insurance Renewal - Effective July 1, 2021 Dear Ron: Office: (330) 929-8686 120o Graham Road Fax: (330) 929-7762 Cuyahoga Falls, Ohio www.wichert.com 44224 This year's renewal of the Mayfield Village Property and Liability Insurance program comes just after the anniversary of the onset of COVID. Last year we suggested a "shelter in place" mentality, although many insureds have been forced to change insurers due to increased prices and restricted terms. We can say with certainty that 2021 continued the latter half of 2020 with increased pricing in all lines. Attached is the Willis Towers Spring Price indicator for a point of reference. Fortunately we are steering clear of many of these issues in large part to Selective's long term stability in the Ohio Municipal marketplace. The areas of slight increase beyond normal property increased values are an additional net vehicle and the Cyber Program. Gaining headlines today of course is the Cyber Insurance crisis spawned by growing Cyber attacks. When we began your Cyber Program we knew that the "Discovery" basis of these coverages would cause an upward trend in the premium as each year passed and losses developed. We even indicated that we had little claim activity to support trends and pricing. Now only a few years later I believe everyone knows that every business and every Public Entity has exposures that threaten the insurability of the risk. These claim drivers (bad guys) do not know the difference between a Public Entity and a Private Business. The point here is the long term understandings of Liability Protections in ORC 2744 since 1987 leave us with very apparent premium advantages in all lines except Cyber! In your case the premium is approaching that of the General Liability policy and may exceed it in the future. The Travelers renewal reflects the newest underwriting restrictions and rush to control loss with such things as the Multi - Factor Authentication. Wichert Insurance has opened Cyber relationships with most Carriers. By definition of the "discovery" provisions and retro dates on coverage, it is not easy or desirable to move from carrier to carrier for these lines. We feel Travelers is still the leader in Public Entity Cyber coverages and the effort to meet their requirements for this renewal will be worthwhile. As we hopefully move away from COVID, left will likely be increased Property Insurance rates and an uncertain future in Law Enforcement Liability. This is NOT reflected in this renewal as the Hudson Law Enforcement renewal is flat. Wichert Insurance, as one of Hudson's largest producers continues to combine this program with Selective's package and Umbrella. Public Entity Risk Management & Insurance