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Commission approves county property-liability renewal, opts for lower deductible option
Summary
After reviewing two renewal options from the interlocal risk pool, Madison County approved the property and liability insurance renewal choosing a lower deductible that increases the contribution by about $15,000–$16,000.
Madison County commissioners approved the county’s property and liability insurance renewal June 2 and selected the option that lowers the deductible from $10,000 to $5,000, increasing the renewal contribution by roughly $15,000 to $16,000.
Staff presented two renewal options from the Interlocal Risk Management Agency: option 1 at approximately $357,000 with a $10,000 deductible, and option 2 at about $372,000 with a $5,000 deductible. Staff noted an increase in premium partly reflects the addition of the county water department’s facilities, wells, equipment and vehicles, which added roughly $25,000 to the contribution base. Miss Payne (staff) recommended option 1, but a commissioner moved to select option 2 to reduce potential out-of-pocket exposure; the board approved that motion.
Staff also confirmed the deductible is per-incident and that recent vehicle damage incidents have driven repairs toward higher-than-usual amounts, informing the board’s risk calculation.
