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Board hears new insurance plan, cyber coverage expanded after market changes
Summary
District insurance broker and the chief financial officer told trustees the district's property, liability and cyber insurance is moving to new carriers after a non‑renewal; the district will get higher cyber ransom limits and access to an insurer portal with prevention resources, but at a higher premium.
Trustees of the Lakeland School District were briefed Tuesday on a new property, liability and cyber insurance program that moves the district from its prior provider after that carrier declined to renew the policy.
Wharton & Company representatives and the district’s chief financial officer described a marketwide effort to find new underwriters and said the new program expands cyber incident protections while increasing the district’s near‑term premium costs.
“The cost’s higher than your expiring premium,” a Wharton representative said during the presentation, adding that the firm “exhaustively approached the marketplace to find the very best…
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