In a special meeting Monday, the Macomb City Council voted to authorize renewal of the city’s property and casualty insurance. The renewal takes effect December 1 and the insurance is provided by the Illinois Counties Risk Management Trust and is brokered for the city by Pumo Insurance.
Chris Pumo told aldermen that ICRMT just conducted a fifth year professional property appraisal for Macomb. He said the city has $12.7 million in property coverage. Individual instances receive up to $1 million in liability coverage. “In a tragic year, you could receive $36 million in coverage,” Pumo said.
Pumo said Macomb’s annual premium cost is $403,398 with a deductible of $2.500. He said the city had 315 claims over the past five years, resulting in a 13.4 percent premium increase.
After the special council meeting, aldermen moved into their committee of the whole agenda to review preparation for the city’ s next strategic plan. A draft outline is due in another month. Areas to be addressed include improved sidewalks and streets downtown, a development plan for older downtown buildings, analysis of community wide small business needs, evaluation of staff efficiency, exploration of mental health and homelessness issues, and completion of a comprehensive zoning plan for Macomb.
