FOMZI Hits Stumbling Block

WINNSBORO – Plans to transfer the old Mt. Zion school property from the Town of Winnsboro to the Friends of Mt. Zion Institute (FOMZI) have hit a snag as FOMZI finds itself in a struggle to obtain property insurance on the site.

Town Council held first reading on an ordinance to hand the property over to FOMZI on Jan. 7, but subsequent readings are on hold as the agreement between the Town and FOMZI, signed last November, stipulates that FOMZI insure the property against loss or damage “within 30 days of transfer.”

Vicki Dodds, Chairwoman of FOMZI, said the problem was not with liability insurance, but with property insurance. Until significant improvements were made to the buildings, she said, FOMZI was only looking for enough insurance to clean up after any disaster. So far, she said, all the insurance companies with whom she has spoken have insisted on insuring the property for its entire replacement value.

“If a tornado came through and destroyed the buildings, we just want to have enough insurance to clean up the mess,” Dodds said. “For us to replace the buildings at that point wouldn’t make a whole lot of sense.”

But so far, Dodds said, she hasn’t had any luck, and taking the square footage of the buildings into consideration, she said FOMZI could be looking at between $22,000 and $25,000 a year just to insure the property.

“We’d be raising money every year just for insurance,” she said.

Dodds said FOMZI has considered taking out a surety bond on the property instead, but, she added, “I’ve mentioned that to two or three companies and they all said I couldn’t do that – but they wouldn’t tell me why.”

If FOMZI cannot find insurance for the property, the agreement between FOMZI and the Town will be void, she said. As the clock ticks away for the old Mt. Zion Institute, Dodds continues her nationwide search for a policy.