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City broker briefs council on upcoming insurance renewal: property valuations, blanket coverage and optional policies
Summary
An Avera Insurance representative presented options to update replacement-cost values for city property, change vehicle deductibles, adopt a blanket inland-marine schedule for mobile equipment, and add optional garage-keepers coverage; council authorized the auditor to proceed with renewal preparations ahead of the July 1 effective date.
Scott, an agent with Avera Insurance, told the City Council on June 5 that the city's property-insurance renewal is due July 1 and that three city-owned buildings currently on a blanket statement of values must have replacement-cost limits increased to remain eligible for 125% replacement-cost protection.
Scott said the blanket statement of values removes qualifying buildings from the individual schedule and extends a 125% margin (for example, a $1,000,000 building would be covered up to $1,250,000) if valuations are adequate. He presented a spreadsheet of six city structures, including three that currently qualify and three…
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