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Madison County approves property and liability insurance renewal with lower deductible
Summary
After discussion of two renewal options and recent claims history, commissioners approved an Interlocal Risk Management Agency renewal using the option that lowers the deductible to $5,000, increasing the premium by roughly $15,000 compared with the higher‑deductible option.
Madison County commissioners approved the countys property and liability insurance renewal with the Interlocal Risk Management Agency, choosing the option that reduces the county deductible in exchange for a higher premium.
Staff presented two renewal options: Option 1 (higher deductible, lower premium) and Option 2 (lower deductible, higher premium). The packet showed Option 1 at roughly $357,000 (keeping a $10,000 deductible) and Option 2 at roughly $372,000 (reducing the deductible to $5,000). Staff described recent claims, including vehicle repairs that required payouts approaching the deductible, and recommended Option 1 as likely to come in under budget; others on the board argued that lowering the deductible reduced the countys potential out‑of‑pocket exposure for several incidents and would be prudent given vehicle usage and recent repair costs.
After discussion about the frequency and size of recent claims, a commissioner moved to approve Option 2 (lower $5,000 deductible). The board approved the motion and directed staff to proceed with the renewal under the lower‑deductible option.
Staff noted the renewal also reflected additional county exposures added since the prior pro‑rata premium (water department wells, equipment and vehicles) and a prorated previous contract period. The county will continue to manage claims and track deductible payouts against budgeted amounts.
