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Kootenai County hears insurance risk assessment; ICRMP flags potential premium increase
Summary
John Geddy, an agent for ICRMP, briefed Kootenai County elected officials on property valuation, recent building walk-throughs and a quarterly ICRMP threshold that could trigger additional premiums if total insurable values rise by $5 million in a quarter.
John Geddy, an agent for the Idaho Counties Risk Management Program (ICRMP), briefed Kootenai County elected officials on May 21, 2025, about how the program values county property and the potential for higher premiums if the county's total insurable values increase sharply.
Geddy told Commissioners that “the ICRMP program is based on replacement costs for building and contents and property in the open. That means new for old at the time of a loss.” He said mobile equipment and vehicles are valued at actual cash value — “like kind in quality at the time of the loss taking into consideration age.”
The presentation explained why accurate, current inventories matter to budgeting and coverage. Geddy said ICRMP is now tracking total insurable values quarterly and “if those values go up by $5,000,000 in a quarter, they're going to start charging additional premium.” He urged…
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