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Farm Bureau outlines Bonner County property insurance terms, $10,000 deductible and special-form coverage
Summary
Farm Bureau representative Vicki Speakman reviewed Bonner County's new county-wide property policy, explaining a $10,000 retained deductible, special-form coverage for most structures and valuation methods; commissioners were advised to route decisions through the county risk manager.
Bonner County risk manager Christian convened an informational briefing at 10 a.m. with Farm Bureau insurance representative Vicki Speakman on the county’s new property insurance program, which includes a $10,000 retained deductible and special-form coverage across most county properties.
"We selected a $10,000 deductible, which I call retained limit insurance," Vicki Speakman told the Board of County Commissioners, adding that Farm Bureau accepted Bonner County’s application after reviewing a 10-year loss history the county provided. She said that from the insurer’s perspective the county’s in‑house handling of small claims made the portfolio appear low risk: "you had no losses."
The presentation explained key features of the policy and how the insurer set limits. Farm Bureau used property-by-property valuations (via CoreLogic data and engineer/building specifications) and applied an 80% coinsurance margin to avoid frequent premium disputes. Speakman described the coverage as "special form," meaning causes of loss are covered unless specifically excluded, and noted standard exclusions such as wear-and-tear, rodent damage, earthquake and certain flood conditions.
Speakman described how listing each building separately eases claims handling and said the $10,000 deductible applies per incident, including one event that damages multiple buildings. She also described an annual inflation guard that automatically increases valuations (she said the county’s policy includes a 4% inflation guard at renewal unless the county directs otherwise) and offered to remove it if commissioners prefer a flat budget estimate.
Commissioners and staff pressed on several operational details. Speakman recommended closer review of certain high-value or unusual structures — specifically the fairgrounds (she cited older wooden buildings and heavy public traffic) and a large concrete refuse structure — to confirm replacement valuations and whether full coverage is warranted given low burn risk for some concrete structures. She also advised verifying lease language and insurance responsibilities on airport hangars before coverage gaps can occur.
On leased buildings, the presentation clarified practice rather than announcing a new policy: for long-term developer-built hangars the private leaseholder commonly maintains the building insurance during the lease term; the county insures only after ownership or a lease-transfer triggers county responsibility. Speakman said she requests leases when underwriting to confirm who must carry which line of coverage.
The session was informational; no board action, motion or vote was taken. Commissioners directed staff to continue using Christian as the county’s point of contact for insurance questions and to bring any proposed changes or major coverage decisions back to the full board for public action.
The presentation closed with Speakman praising the county’s property risk management: "your defensible space, your fire line score, your Idaho State rating bureau score, and all your properties is stellar," she said, and encouraged continued upkeep to sustain favorable underwriting.
