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Risk advisers recommend raising property limit to $40M, order replacement‑cost appraisal for school district insurance renewal
Summary
Independent risk managers recommended a higher property loss limit and an updated replacement‑cost appraisal for the district’s insurance renewal, while advising a modest increase to the self‑insurance loss fund to reflect recent loss development.
Ben Few of Ben Few & Company briefed the Marion County School Board on June 19 on the district’s general‑insurance renewal and recommended raising the property catastrophic loss limit from $35 million to $40 million and commissioning an updated replacement‑cost appraisal.
Few said recent wind‑modeling and probable‑maximum‑loss analysis show the district’s current insured value and exposure warrant a higher limit: the firm’s modeling estimated a probable maximum loss just above $37 million for the district’s portfolio. ‘‘Given the fall in rates,…
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