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Earlham council approves insurance updates to add equipment, authorizes budget amendment
Summary
At a Sept. 17 special session, the Earlham City Council voted unanimously to add several pieces of equipment to the city's EMC Insurance policy and authorized up to $2,000 pending final pricing; a budget amendment will be presented in October.
The Earlham City Council voted Wednesday to add several pieces of municipal equipment to the city's EMC Insurance policy and authorized up to $2,000 pending final pricing on Oct. 1. The change was presented by Bric Nelsen during a special meeting at Earlham City Hall.
Nelsen said the items missing from the policy included a skid steer, a John Deere tractor and a fire Kubota and that "this amount is based on replacement value as of right now." He told the council that replacement values can change and that, because values decline as the city approaches April, the required coverage amount may fall; he also said that the acquisition of a new fire truck will affect future valuations.
Clerk Jessica L. Visser moved to approve the updated insurance coverage and Councilmember Mudge seconded. The roll call vote was unanimous and the motion passed. Nelsen told the council staff will return with final pricing and that a budget amendment will be needed at the October meeting to reflect the revised insurance costs.
The council did not state a final, exact premium in the meeting record; it approved coverage "up to $2,000" pending final pricing on Oct. 1. The budget amendment required to fund the change was scheduled for consideration at the council's October meeting.
Next step: staff will confirm final pricing and present the proposed October budget amendment to the council.
