Wednesday, June 25, 2008
MCC Insurance Purchases of Interest
The good news is that total premiums in property, casualty and workers' compensation insurance are down for next year.
Down by $89,000. Total cost of just under $333,000.
The wining insurance agents were from Grayslake (R.J. Galla Company) and Rockford (Williams-Manny Insurance Agency).
Williams-Manny would have been low on both bids, but its liability coverage for the board members was "only" $1 million and the board members apparently wanted $6 million.
I found three items in President Walt Packard's report that are of some interest:
This is for the property that none of the paid experts said was in danger of flooding. Remember it's not flood insurance for the folks downstream.
I also fail to comprehend how "increased property values" resulting from having purchased vacant land need to be insured.
I insure my home, not my lot.
= = = = =
The flooded property is in Lippold Park south of Route 176. It is where water draining from McHenry County College ends up. It was taken last August.
Down by $89,000. Total cost of just under $333,000.
The wining insurance agents were from Grayslake (R.J. Galla Company) and Rockford (Williams-Manny Insurance Agency).
Williams-Manny would have been low on both bids, but its liability coverage for the board members was "only" $1 million and the board members apparently wanted $6 million.
I found three items in President Walt Packard's report that are of some interest:- MCC is taking out $5 million of flood insurance.
- The newly purchased 67 acres have increased property values that need to be insured.
- Violent event response insurance has been added.
This is for the property that none of the paid experts said was in danger of flooding. Remember it's not flood insurance for the folks downstream.
I also fail to comprehend how "increased property values" resulting from having purchased vacant land need to be insured.
I insure my home, not my lot.
= = = = =
The flooded property is in Lippold Park south of Route 176. It is where water draining from McHenry County College ends up. It was taken last August.
Labels: Flood Insurance, MCC, McHenry County Board
