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Duncan board approves switch to LARM insurance under R25-296
Summary
The Village approved cancelling its EMC Insurance policy and entering an interlocal agreement with LARM, citing a lower premium and a per-event deductible structure that could reduce large-event exposure.
Isaac, a representative of LARM, introduced LARM’s proposed insurance package and explained that LARM operates as a Nebraska insurance pool covering more than 250 member towns. He said LARM offers a per-event deductible structure that, in his example, would limit a multi-building claim to a single $5,000 deductible rather than $10,000 per building. Isaac also said the annual premium under LARM would be roughly $2,000 lower than the Village’s current policy.
After questions from board members, Trustee Jerusha Ratcliffe moved to cancel EMC Insurance and approve the LARM policy effective April 15, 2025 under R25-296 (seconded by Van Steyn). The board voted unanimously in favor.
The board’s action adopts the interlocal agreement with LARM and switches the village’s property and liability coverage to the pool effective April 15. The clerk will complete the interlocal paperwork and notify carriers accordingly.
