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City staff report OMAG review; old Meeker water tower carries $75,000 liability coverage
Summary
Town Administrator Jeff Wilbourn reported results of an OMAG insurance review: the out‑of‑service old water tower carries liability coverage up to $75,000, OMAG allows a 30% margin clause (coverage to 130% of insured value), and staff will remeasure the police department and library for corrected valuations.
Administrator Jeff Wilbourn briefed the Board on an annual insurance review with OMAG. He confirmed the old water tower—currently out of service—is nevertheless covered for liability purposes under state law with a liability limit of $75,000. Wilbourn said the cost to maintain liability coverage is minimal and that the structure could be rehabilitated for service subject to inspection.
Wilbourn also said OMAG identified discrepancies in reported square footage and building valuations for the police department and library; he will remeasure those facilities and submit corrected square footage to OMAG. He noted OMAG policies include a 30% margin clause allowing coverage up to 130% of the insured value, which provides some flexibility for property valuation.
