The Reno County Commission met on Wednesday, Dec. 27, in the Veterans Room at the Reno County Courthouse, opening with the Pledge of Allegiance and a prayer led by Pastor Steve Gill of Turon Community Church. No public comments were made, launching the commission into discussions and decisions, notably regarding the new year’s insurance policy, the reappointment of two citizens on the Reno County Planning & Zoning Commission, and a resolution opposing the federal government’s “30 x 30” land preservation goal.
Bob Fee, CPCU and President of Fee Insurance proposed a buy-down insurance policy to the Commission for the 2024 year in the event of unexpected claims. Fee referenced the natural disasters occurring in Joplin, MO and Greensburg, KS as potential “worst-case scenarios” that would necessitate this insurance policy.
“Really, you have to be thinking that way,” Fee said. “We went without it last year. It’s a gamble.”
Fee Insurance compiled a listing of every building and respective property’s value, totaling just over $101 million. Currently, the deductible set at 2% would be $1.8 million; under the new buy-down policy, Fee Insurance would buy that $1.8 million down to $200,000, making that figure the new potential maximum loss on a per-occurrence basis. The premium for the buy-down is $169,000, leading to a high-risk, high-reward scenario.
