Board approves TASB Risk Management Fund plan for property and liability coverage; trustees cited market improvement
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Summary
After marketplace review, the board approved participation in the TASB Risk Management Fund for property and liability coverage, with trustees and consultants saying broader insurer participation improved market conditions and the TASB fund offered lower cost and favorable limits.
Grapevine-Colleyville, TX ' The Grapevine-Colleyville ISD board on Aug. 25 approved the district's property and liability coverage through the TASB Risk Management Fund and executed an interlocal participation agreement.
James Charlesworth, an insurance consultant who briefed the board, said the property and liability market had stabilized somewhat after hard years for insurers and that more carriers entering the Texas market had put downward pressure on rates. The TASB program offered a package with higher limits on liability and lower deductibles at a quoted cost several hundred thousand dollars lower than an alternative option considered by the district.
Paul and Michelle Lynn (risk management director) presented the proposal and recommended TASB's program on grounds of limit structure, cost and the fund's established governance. Trustees asked questions about program coordinators and signatory authority; Paul noted that the interlocal agreement names both the superintendent and an assigned district coordinator and explained how claims coordination will work.
Motion and vote: Trustee Faust moved to accept the staff recommendation to join TASB Risk Management Fund and execute the interlocal agreement; Trustee Humphrey seconded. Vote: 7-0. The board asked staff to continue regular market reviews and report to the finance committee.
