Some of the buildings around the city of Colbert will soon be revaluated for insurance coverage purposes.
After being contacted by Bob Doster of Chastain & Associates Insurance, city advisor John Waggoner and Mayor Chris Peck informed other members of the city council of the apparent need for the revaluation and the measures by which it would be performed.
“We’ve been having meetings with him lately and they feel that some of the buildings weren’t covered enough, while others that should have been taken off the books a long time ago haven’t been,” said Peck.
Waggoner then made note of the price that had previously been paid out by the city for coverage.
“We’ve already paid a premium of either $7,500 or $7,600 for the current insurance,” said Waggoner.
Mayor Peck, shedding light on any financial concerns anyone might have been having, clarified how any additional cost from the revaluation would be negotiated.
“We’ve already paid the premium, but he’s revaluating that and should get us a new premium here in the next few weeks,” said Peck, “so either they will cut us a check if it comes out to be cheaper, or we’ll owe them a little bit more.”
Waggoner then took the time to reassure the council that there should be no reason to worry.
“Although Doster has yet to call me back about the status of the revaluation, I was told earlier that no news is good news!” he said.