County saves $112,000 on insurance

Jun. 28--It's not every day that the county saves $112,000, but Thursday was such a day as the Boone County Commissioners switched insurance companies for property, casualty, liability and workers compensation.

Lamar & Lamar Insurance, the county's agent, gathered the rates from three insurance companies and discovered a significant savings and with better coverage for Boone County.

In a special meeting Thursday afternoon, the commissioners approved a switch from Travelers Insurance to Tokio Marine HCC Insurance. The move saves save the county $112,000 annually. The rate is also locked for the next three years. The new insurance takes effect Monday when the current contract expires. This is why the commissioners could not wait until the regular Monday morning meeting to approve the contract.

The bids came in $667,660 a year from Travelers Insurance compared to $555,299 for Tokio Marine HCC. Commission president Jeff Wolfe said insurance rates are checked routinely.

"This time they found some pretty good savings for us," Wolfe said. "It worked out very well."

Lamar & Lamar merged with WalkerHughes Insurance this year. The business was started in 1887 as Jones Insurance. Dan Lamar found the better rates with improved coverage.

"They have a pretty good presence in the municipal area," county attorney Bob Clutter said. "They know what they're doing. It's my understanding, they are, for instance, the insurer for Tipton County and the city of Tipton. So they do other stuff around here."

The next regular meeting of the Board of Boone County Commissioners is 9 a.m. Monday at the county annex, 116 W. Washington St., Lebanon.

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