Vacant properties get liability insurance coverage

July 21--ANDERSON -- The Anderson Community Development Corporation is getting liability insurance for vacant properties it obtained through the Blight Elimination Program.

The organization's board will meet with an insurance agent within the next month to finalize a policy to protect it from claims in the event of personal injury or property damage.

Kevin Sulc, chairman of the ACDC board, said the board will meet with a representative the Howard Webb Agency to finalize the terms of a JM Wilson Insurance policy.

JM Wilson, one of two companies offering a quote, said it would charge $27 for each property for a $1 million policy with a $1,000 deductible. The total cost would be $972 for the 36 properties the ACDC had at the time, which now has expanded to 41.

Argenia Insurance submitted a quote of $90 per property or a total cost of $3,240 for the 36 properties. Its quote was for a $1 million policy but with no deductible.

Sulc said the five additional properties the agency recently received will each have a $27 cost for the liability coverage.

The board is also considering a $1 million insurance policy through JM Wilson for the organization and a separate policy to cover it as an employer. The cost would be $992 for the year.

"Since we have no employees currently, can we add the employer liability policy at a later date?" board member Lelia Kelley asked.

In other business, Sulc said the ACDC application for not-for-profit status will be submitted to the Internal Revenue Service next week with the hope that it will be approved by September.

Follow Ken de la Bastide on Twitter @KendelaBastide, or call 640-4863.

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