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Board approves $589,018 property, casualty and liability insurance package for 2025–26
Summary
The board approved a renewal of property, casualty and liability insurance for FY 2025–26 with total premiums of $589,018, an increase of about 9.6% attributed in part to hail claims and rising legal‑liability costs.
Executive Director of Administrative Services Stacy Silvain recommended FY 2025–26 property, casualty and liability insurance coverage and presented total premium costs of $589,018, an increase of approximately $50,000 (9.6%) from the prior year. Silvain attributed part of the increase to higher hail‑related claim exposure in Minnesota and to increased liability insurance costs tied to evolving legal exposures.
Silvain recommended policies with several carriers: Affiliated FM Insurance Company, Mount Holly Insurance Company, National Union Fire Insurance Company (Pittsburgh, Pennsylvania), Auto Owners Insurance Company, and Travelers Access and Surplus Insurance Company. Director Hume moved approval; Director Chester seconded. The board approved the coverage by voice vote, and the chair declared the motion carried unanimously.
Silvain said the premium change reflected market conditions and claim experience; no additional board action was requested beyond approval of the recommended carriers and premium amount.
