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Crothersville council approves insurance renewal and amends auto deductible to $2,500
Summary
The council approved a renewal insurance quote with a quoted premium of $63,624 and voted to increase the auto-collision deductible to $2,500 (at an estimated $700 annual cost) while reviewing property deductible options and insured-item accuracy.
At its July 1 meeting the Crothersville Town Council reviewed a proposed blanket insurance renewal and approved an amended auto deductible option.
Staff reported the renewal premium quoted for the policy year beginning August 2 is $63,624, up from $57,235 the prior year, and said the town’s total insured value now exceeds $13 million. Staff noted a roughly 7% rate increase and an annual 4% inflation guard applied to property valuations.
Council discussed proposed deductible changes. The proposal included raising the property deductible from $2,500 to $10,000 and increasing the auto-collision deductible from $1,000 to $5,000; an intermediate option of $2,500 for auto collision was identified at an additional cost of about $700 per year. Jamy Greathouse moved to amend the auto deductible to $2,500 and approve the insurance quote as amended; Chad Wilson seconded and the motion carried 4-0. Clerk Treasurer Danieta Foster and department heads will review the listed insured items for accuracy prior to renewal.
The minutes show no property claims in the past 12 years and indicate staff will return with any adjustments following their review.
