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District insurance costs rise; board cites market increases as reason to preserve reserves
Summary
Board approved insurance renewals after staff showed double-digit percentage premium increases driven by market conditions, workers' comp claims and limits on abuse/misconduct coverage; members said that upticks underscore the need for the district’s reserve.
The Greater Albany Public SD 8J board on Monday approved the district’s insurance renewals after Finance staff described market-driven increases across multiple coverages.
Jane told the board she had met with the district’s insurance agent and that liability and workers’ compensation rates had risen substantially because of broader market trends and recent costly claims.…
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