The Martha’s Vineyard Land Bank is facing a significant rise in insurance premiums this year, despite a reduction in coverage.

In a letter sent to the land bank commission, fiscal officer Janette Andrews wrote that the organization will have to pay a $129,550.44 premium for commercial property and general liability insurance this year, well above the $64,400 predicted in the organization’s budget.

“It may be necessary to ask for some reallocations from the town advisory boards,” said executive director James Lengyel.  

The increases are part of a general trend of rising insurance prices across the Island.

The land bank commission took no action on the memorandum at their meeting on Monday.