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Wright County approves $412,699 property/casualty renewal; county to confirm courthouse valuation after ICAP inspection
Summary
The Wright County Board approved payment of the FY2025-26 ICAP property and casualty premium of $412,699, noting the county will revisit the amount after a planned courthouse valuation by ICAP inspectors.
The Wright County Board of Supervisors voted to approve the county27s FY2025-26 property and casualty insurance premium with ICAP at $412,699, an increase of $47,130 over the prior year.
Jay Lafever, presenting on behalf of the committee that reviewed the renewal, said the committee increased equipment valuations and recommended raising deductibles (building deductible to $5,000 and equipment deductible to $1,000) to offset premium increases. Lafever reported the county27s property valuation used for the policy rose from roughly $41 million to $53 million after the committee increased equipment and building values, driving part of the premium change.
Amanda Meyer, Wright County auditor, and board members discussed the courthouse valuation. ICAP will reinspect the courthouse after July 1 to create an updated valuation; the board noted the premium may require amendment once that valuation is complete. The board authorized payment in July (the county will pay after July 1 to align the expense with the correct fiscal year) and noted the signed ICAP form commits the county to maintain continuous coverage while allowing the county to pay after the fiscal-year start.
Supervisors also discussed which departmental funds should bear parts of the premium. Committee presenters said the budget as drafted assumes departments pay their shares through existing departmental budgets; changing to pay the entire premium from the general supplemental fund could require a budget amendment and exert pressure on levy targets. The board accepted the committee27s recommendation to proceed with payment under current budgeting practices.
The board approved payment by recorded voice vote with all supervisors voting "aye." Officials expect ICAP to inspect the courthouse in mid-August and said they will reassess the premium if the courthouse valuation changes materially.
