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District recommends renewed property-and-casualty coverage; board approves modest rate increase
Summary
District officials recommended and the board approved renewed property and casualty insurance coverage; staff said the premium increase would be roughly $147,000, driven partly by higher replacement values and newly identified exposures.
During the June 24 Greater Clark County School Board meeting, district staff recommended renewing the district's property and casualty insurance through new broker arrangements and asked the board to approve the presented coverage and rates. Board members approved the renewal by voice vote.
Staff described the expected premium increase as “minimal” relative to statewide trends, saying the district would see an increase of about $147,000. Staff attributed some of the increase to higher replacement values for newly built facilities and to coverage additions for previously uninspected exposures, including storage tanks used for transportation fuel. “They found those gaps in our houses,” staff said, and staff reported that changing brokers earlier in the year helped secure competitive quotes.
Officials emphasized the district now has builder’s-risk coverage and that the broker Marsh McLennan provides an improved claims-handling contact. The district recommended the coverage presented in the board packet and said the renewal adequately aligns insured values with replacement costs.
A board member moved approval and a second was recorded; the board approved the coverage by voice vote with no recorded opposition in the public transcript.
