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Committee recommends canceling industrial appraisal contract as duplicative of insurer services
Summary
Members recommended the County Board terminate a longstanding contract with Industrial Appraisal, saying the same appraisal service is now provided through the county's insurance trust (ICRMT) and its vendor Kroll; the committee voted to forward the recommendation to the full board by roll call.
The LaSalle County Insurance and Trust Committee recommended that the full County Board terminate a rolling agreement with Industrial Appraisal, concluding the work is duplicative of appraisal services provided through the county's insurance program.
Committee members said industrial appraisal previously supplied two services: an insurance appraisal and a fixed-asset valuation. County staff and the county's insurer now obtain appraisal services through the Illinois Counties Risk Management Trust (ICRMT), which contracts with a vendor, Kroll (formerly Duff & Phelps), to perform periodic appraisals. “Now that we have the services through IPMG, ICRMT, it's duplicative,” a county presenter said.
The presenter told the committee the agreement with Industrial Appraisal was a rolling annual contract originally signed by a former county board chairman and therefore requires a full-board action to terminate. Staff said outside and internal auditors do not need the Industrial Appraisal reports and that ICRMT performs appraisals every four to five years or as needed when new buildings are added.
Committee members discussed premiums and invoicing; one presenter said the county had paid $2,190 for the services referenced in that meeting's materials. Members emphasized the county must continue to notify ICRMT when new assets are added so appraisals reflect current inventory. The county's insurance representative said Kroll conducts appraisals under contract to the insurer and that blanket policy limits make per-building valuation discrepancies less likely to affect recoveries after a covered loss.
After discussion, a motion to recommend terminating the Industrial Appraisal contract was made and seconded. Committee members conducted a roll-call approval and all voted aye; staff said the recommendation and a termination resolution would be forwarded to the full County Board for final action.
