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Council accepts SDPAA policy stated values, rejects replacement-cost values
Summary
The council reviewed the SDPAA rating supplement and approved the 2026–2027 insurance policy using stated values only, declining the replacement-cost (RC) valuations; FO cautioned that past claims payouts have been lower than stated values.
Finance Officer Nicole Siemonsma presented the SDPAA insurance rating supplement and highlighted proposed increases in stated values versus replacement-cost recommendations. Siemonsma informed the council of past experience that insurance payouts often do not match stated policy values, and the council voted to accept the SDPAA policy using stated values only while declining RC values (Action 26-033).
Council discussed coverage levels and the implications for future claims. The minutes record no further policy amendments; the motion carried on unanimous roll call. The Finance Officer will continue to monitor policy renewals and advise the council on notable coverage changes.
