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Ceresco board adopts updated insurance values and earthquake coverage for wells
Summary
Prague Insurance Agency presented recommended coverage and replacement values for municipal wells; the Board approved proposed values and noted a premium quote of $9,218 and recommended earthquake coverage for casings.
Mark Rezac of Prague Insurance Agency reviewed insurance recommendations for the village’s wells on June 16, including a suggested coverage level recommended by JEO engineer Julie Ogden and a premium estimate.
Rezac said the engineer recommended $500,000 per well and discussed adding earthquake coverage for well casings. He proposed updated replacement values: wellhead #5 at $100,000; the pump house at County Road C at $125,000; wellhead #6 with components and VFD at $120,000; wellhead #7 with components and VFD at $120,000; and a Caterpillar D125 generator at $60,000. The Board voted unanimously to include these updated values for insurance purposes.
Chair Scott Peterson moved to accept the updated values and Trustee Custer seconded; the motion carried with Peterson, Custer and Burklund voting yes. The minutes record the premium estimate at $9,218 for the $500,000-per-well recommendation from the engineer; the Board also discussed earthquake insurance specifically for the casings.
