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Board approves 2025–26 insurance package; total premiums rise amid state valuation changes
Summary
The board approved the district's recommended insurance coverage for fiscal 2025–26 at $347,524 in premiums after staff reported a roughly 13% overall increase in costs driven partly by state valuation changes; administrators also adjusted workers' compensation and cyber providers to limit increases.
Fort Thomas Independent Schools’ board approved the district’s insurance package for fiscal year 2025–26, with administrators reporting a total premium of $347,524 for property, fleet, liability and related coverages and an additional student accident package through a local agent.
Nut graf: Administrators said the district sees higher insurance costs this year — about a 13% increase overall — driven partly by the Kentucky Department of Education’s updated replacement‑value requirements and broader market pressures. To reduce the impact, staff recommended changes in some carriers and participation in a collaborative pool.
District officials told the board the Department of Education raised the per‑square‑foot insurance valuations, which increased required property coverage levels; combined with industry pricing trends, that produced a meaningful premium increase. Staff also described tactical moves that limited the net increase: switching workers’ compensation coverage back to Kentucky Employers’ Mutual Insurance from ClearPath Mutual and shopping cyber coverage to find a lower‑cost, improved option. The total premium figure presented matches the package recommended by the district broker, Assured Partners.
The board approved the package by motion and voice vote. The administration explained the package includes student accident coverage handled through a separate local agent; the student accident premium amount was presented as $33,266 in the meeting materials.
Ending: The board approved the coverage as recommended and the administration said it will continue to monitor the insurance market during the year and report any material developments to the board.
