Crowley board selects Midwest two‑year workers’ comp option, staff says it lowers premium
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Summary
The board approved excess workers' compensation coverage through Midwest with a two‑year rate lock, which staff said reduces the district’s premium compared with last year and with a Safety National alternative. The board approved the option on a motion by Mr. Higginbotham.
The Crowley School Board voted to approve excess workers’ compensation coverage through an insurer identified in the meeting as Midwest, accepting a two‑year rate‑lock option the presenter said reduces the district’s premium.
Board approval matters because the choice affects the district’s insurance costs for the coming fiscal year and was presented as a way to limit premium volatility.
Justin Carrier summarized the options the district received. He said the district’s expiring premium with Safety National was $85,350 and that Safety National proposed a higher premium and a larger self‑insured retention. “Safety National … their premium went from $85,350 to $90,490,” Carrier said. By contrast, Carrier said the Midwest quote would keep the district’s self‑insured retention at $500,000 and reduce the premium to $72,061; Midwest also offered a two‑year rate lock and billed 50% this year and 50% next year.
Carrier said the Midwest two‑year option yields a $13,289 decrease in premium when compared year‑to‑year and that a two‑year rate lock is advisable when available.
Mr. Higginbotham moved to approve the Midwest option; the motion was seconded and carried on a voice vote.
The board recorded no further conditions on the coverage in the meeting record.