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Lyons council approves three‑year LARM insurance commitment and related interlocal agreement
Summary
The Lyons City Council voted June 24 to approve a three‑year commitment with the League Association of Risk Management (LARM), adopting an interlocal agreement and Resolution 2024‑08; the proposals set a projected annual premium of $105,667 and clarify deductibles and coverage limits.
The Lyons City Council voted June 24 to approve a three‑year insurance commitment with the League Association of Risk Management (LARM), adopted an interlocal agreement to participate in LARM, and passed Resolution 2024‑08 formalizing the agreement.
Penny Murphy of Farm & Home Insurance presented the council with the city’s EMC renewal effective July 1, 2024, reporting that last year’s premium of $128,083 rose to $138,273 under the new renewal. Murphy also presented a safety program dividend check for $1,975.14 and noted changes including Actual Cash Value (ACV) coverage for roofs 15 years or older, a $25,000 wind and hail deductible, and a $1.2 million increase in property coverage.
Clint Simmons of LARM clarified specifics of the LARM proposal, saying the standard deductible would be $1,000 per occurrence for property and vehicles but that a $5,000 deductible would apply if a power station were included in a claim; he added that transformers are not covered under the presented policy. Simmons outlined a three‑year commitment option carrying a 5% discount and an estimated annual premium of $105,667, with the policy to be prorated from July 1 to Oct. 1 and renewal pricing set the same on Oct. 1.
Councilmember Tyler Vacha moved to accept the LARM proposal with a three‑year commitment; Councilmember Matthew Carr seconded. The roll call vote recorded AYE from Carr, Vacha and Kyler Phillips; the motion carried. The council also voted to approve an interlocal agreement to establish and operate LARM (motion by Vacha, seconded by Phillips) and to adopt Resolution 2024‑08 (motion by Carr, seconded by Phillips); both passed on roll calls recorded in the minutes.
The council did not record extended debate on the insurance items in the minutes; minutes show the LARM items were considered on the regular agenda and approved following the presentations. The approved motions and recorded votes appear in the meeting minutes as the mechanism that enacted the commitment and related documents.
Next steps recorded in the minutes: staff will implement the interlocal agreement and the city will effect the insurance changes in time for the July 1 coverage date.
