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District renews property, auto and liability insurance; premium drops $39,531
Summary
Springfield R‑XII recommended and the board approved a renewal package of property, automobile, liability and miscellaneous coverages totaling $2,287,324, a year‑to‑year decrease of $39,531.
District staff and the district broker presented the annual property, automobile, liability and miscellaneous insurance renewal for coverage expiring April 1, 2025, and recommended renewal with the carriers that provided optimal bids.
The broker reported a proposed total premium of $2,287,324, a $39,531 decrease from the prior year. Staff noted a 12.8 percent premium increase on property coverage — driven partly by higher property values and partly by rate increases — but said the district’s favorable claims experience and loss prevention work limited increases. The district’s property value insured rose from $1.4 billion to $1.5 billion.
For all‑lines aggregate liability, staff recommended moving that policy from Princeton RE to United Educators to preserve a $10 million limit with a $200,000 retention, while the school‑board legal defense retention would increase to $300,000 per loss. Physical damage coverage for district vehicles was recommended with Hanover Insurance. Crime, cyber and fiduciary coverages were recommended to continue with existing carriers (Travelers and World Risk) with slight premium decreases.
Trustee questions covered umbrella limits, market access and the broker’s outreach. The broker said the recommended programs embed the $10 million liability limit and do not require a separate umbrella. The board approved the renewal 7‑0.
Ending: The district will finalize renewals with recommended carriers and continue loss‑prevention efforts; staff recognized outgoing risk manager Nancy Riggins for her service.
