PERRYVILLE â Towns all over Cecil County recently received word that the Local Government Insurance Trust â the policy towns use to insure property and personnel â would be increasing its premiums, with at least one town getting a shock.
âLGIT tells us because of worldwide instability the premiums are going up 50%,â Debra Laubach, Perryville Finance Director, told the mayor and commissioners.
Port Depositâs premium increased 9% according to Vicki Rinkerman, town administrator. Mary Cooper, Ceciltonâs town administrator, said that townâs LGIT premium went up just 3%.
Tim Ailsworth, executive director of LGIT, said all policy holders got rate increase notices but the extreme increase for Perryville was likely in response to claims and growth.