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4'•1 <br />Mr. Sutton reported he hired an appraiser at his expense to help determine <br />the value of the buildings,the amount of insurance we should have on them. <br />He said he cannot guarantee the values listed ar.e 100% accurate but they <br />did their best to see that they were at a correct level. <br />Mr. Carmen asked if Mr. Sutton was taking into consideration this is a <br />three year package and the amounts will increase over the years. <br />Mr. Sutton stated these amounts will be updated at the end of each year. <br />Mr. Etzler stated he feels the coverage for the contents of the Village Hall <br />should be higher. <br />Discussion was held regarding the amount of contents in the Village Hall, <br />especially the Police Department. <br />Mr. Sutton said he discussed this with Chief Stevens who estimated an <br />inventory of $55,000.00 to $60,000.00 for the Police Department. <br />Mr. Amendola questioned why the high amount of coverage was necessary for <br />the Community Building as the building will not be completed for many years. <br />Mr. Sutton explained the completed value of the building is used because <br />under the builder's risk policy only half of the estimated value is paid <br />upon damage to the building. <br />Mr. Sutton explained how each item is covered under Boiler and.Machinery <br />Insurance. <br />Discussion was held regarding the.bond coverage for the Finance Director. <br />Council agreed the Finance Director should be insured for $50,000.00. <br />Council President Spellman asked if this amount should be changed before the <br />bid is advertised. <br />Mr. Feneli said it should be changed as it will change the amount of the bid. <br />Council President Spellman asked if Council wished to increase the amount of <br />the bond for the Council President and the Mayor. <br />Mrs. Hanus said she felt the Mayor and Council President should have a higher <br />amount of coverage and she feels the Finance Director and Police dispatcher <br />amounts should be decreased. <br />Mr. Etzler stated he agreed with Mrs. Hanus and read the list of bond coverages <br />which also stated that each person not specif ically listed would be covered <br />automatically for $5,000.00. He said he felt this $5,000.00 would be sufficient <br />coverage for a Police dispatcher.