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Insurance renewal draws questions about building and equipment replacement values
Summary
Board reviewed the VLCT insurance renewal schedule and questioned several replacement values (town office contents listed at $36,004; the town garage and compactor valuations discussed); members debated whether to adjust schedule values and how guaranteed replacement language works.
Staff presented the Vermont League of Cities and Towns (VLCT) insurance renewal packet for 2026 and the board reviewed property and contents values on the schedule. The town-office contents value was listed at $36,004 and discussion turned to the town garage building and contents replacement numbers; at one point the transcript recorded a compactor valuation read as "$8,008,500" which several members treated as an unclear or potentially erroneous line on the schedule. Board members debated guaranteed replacement-cost language in the policy and whether to adjust the schedule values before renewal.
Several members argued the schedule numbers may be inflated and questioned whether the insurer uses a statewide averaging method; one participant summarized, "If we lost our 2019 Freightliner... that's what it cost" and urged the staff to check actual replacement-cost figures and confirm depreciation or actual-cash-value treatments before finalizing the renewal with VLCT.
