The village’s recently improved fire insurance rating could save large businesses money on premiums, Fire Chief Frank Trout said.
The department’s rating was lowered to 3 from 4 by the Insurance Services Office, “which could mean you’re talking about a savings of hundreds of dollars (a year in insurance premiums) for a business the size of a Jewel-Osco,” Trout said.
The lower rating will please businesses in the village, he said, and it could attract other businesses to the village.
The rating affects only larger structures, not single-family homes, Trout said. Savings will depend on a building’s safety features, such as sprinkler systems, stairwells and escape routes, officials said.
Trout said the responsibility for the improved insurance rating lies equally with a number of departments in and out of the village.
The Fire Department, the Water Department and 911 dispatch system helped greatly, Trout said, as did recent mutual-aid agreements with Downers Grove and Clarendon Hills.
“This should help many of the businesses in town save on insurance premiums, and in turn, that will help attract more businesses and help increase sales-tax revenue,” Trout said.