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Tama County insurance costs are expected to edge up sightly

June 14, 2019
By John Speer - Editor (jspeer@tamatoledonews.com) , Toledo Chronicle, Tama News-Herald

In a detailed review of insurance coverage Tama County Supervisors learned a slight increase in total premium cost is forecast for the 2019-20 fiscal year.

Judy Funk, consultant to the Heartland Insurance risk Management Pool, told board members on Monday morning, June 10, a 4.4 % hike in overall cost of $459,176 is projected. The increases are found primarily in premium cost for workers' compensation at $155,872 up from $146,60, and lesser amount for automobile liability from $72,138 to $75,557, general liability to $63,942 from $60,898, automobile physical damage raising to $18,213 from $15,556 and inland marine coverage to $14,971 from $13,040.

Tammy Wise, county insurance administrator, said the year-to-year costs normally do not change a great deal while slight increases are seen.

Good news came in the form of a credit on the current premium totaling $41,193.

"Awesome," Funk said, based on further analysis which showed expected losses for the county at $207,085 compared to an expected claim loss totaling $310,169. over three fiscal year periods from 2015-16, 2016-17 ande 2017-18 (the current fiscal year is not used because it doesn't end until June 30.)

Tama County's current loss limit is $8 million which supervisors declined to increase for the fiscal year 2019-20 period.

In other business Monday the supervisors:

approved putting into place policies for the secondary road department covering procurement and fraud reporting and passes a resolution establishing a conflict of interest policy.

signed utility permits for work by Windstream in Indian Village Township, Interstate Power in Otter Creek Township and R & R to extend work along U.S. Highway 63 to the Poweshiek County line.

approved use of the Courthouse lawn for registration and check-in areas for the Charley Townsley Ripple Run 5K on July 6.

 
 

 

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