Many of our Municipal Property Plan members own and operate their own Water and Wastewater Treatment Plants. Operating these plants can present challenges in providing routine plant maintenance, meeting growing population needs, staying in compliance with regulatory requirements and upgrading their outdated structures and equipment. Many have provided these upgrades and many more will soon need to do so. These upgrades can certainly impact values and leave your municipality exposed. Backup generators, upgraded or added pumps, electric control panels and SCADA systems are exposed to lightning and power outages. Buildings, fencing and lighting are exposed to hail and high winds and vandalism.
OMAG initiated an appraisal project on these plants in 2016 by partnering with a professional appraisal service and will be providing appraisal reports to all members currently insuring these plants. This is a three-year project scheduled to be completed in the Fall of 2018. These professional appraisals will be provided as a value-added service at no charge to members. Our purpose in performing these appraisals is to be certain that you are provided an accurate replacement value for these structures and equipment.
To be properly insured, all structures at these plants need to be scheduled (listed) and valued separately at replacement value. City Administration and Plant Managers need to review all structures at these plants each year regardless of whether your municipality has experienced an upgrade.
OMAG is here to assist you in any way we can. Please contact Property Program Manager, Chris Webb, or Underwriting Director, Randy Stone, and let us help you review your coverage.