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Wright County reviews underinsured equipment, buildings ahead of ICAP renewal; board asks for cost scenarios
Summary
Wright County officials reviewed their property and casualty insurance ahead of the county’s ICAP renewal and asked staff to return with firm cost figures and deductible options.
Wright County officials reviewed their property and casualty insurance ahead of the county’s ICAP renewal and asked staff to return with firm cost figures and deductible options.
Jay (ICAP representative) told the Board of Supervisors on April 21 that recent equipment valuations submitted by department heads revealed about $3 million in underinsured county equipment. The county currently insures many older road graders and other heavy equipment at values well below replacement cost; Jay said one current replacement estimate for a road grader is about $475,000 while several 2011–2012 graders on the schedule are insured for roughly $245,000.
The county’s options, Jay…
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