Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance topic
No spam. Unsubscribe anytime.
Lewisburg board authorizes renewal of district liability insurance as market hardens
Summary
The Lewisburg Area School District board authorized staff to sign a general liability renewal after hearing competitive quotes and a broker's assessment that the commercial insurance market is hardening; the recommended renewal would raise premiums modestly while preserving broader coverage terms, board members were told.
The Lewisburg Area School District Board of Directors voted to authorize district staff to sign a renewal for the district's general liability insurance after a presentation comparing multiple carrier quotes.
Board members were told that the commercial insurance market is “very hard,” with property and other commercial lines facing double‑digit increases in many places. An insurance broker who addressed the board said the district’s package with Centimeters Regent would increase by about 8.8 percent overall, and that the board’s long relationship with that carrier and the district’s favorable loss history helped moderate the renewal increase.
The broker said the expiring package premium was $112,777 and the Centimeters Regent renewal premium quoted was $122,694; combined with related professional‑liability items the total renewal package presented to the board was $133,009.65. A competing Liberty Mutual quote was slightly lower on premium ($130,497) but, the broker said, included different coverage terms that could leave the district exposed to depreciation adjustments on older roofs or other holdbacks in a claim. The broker summarized the market conditions to the board: “I’ve been doing this 38 years. The insurance market in general, we’re in a very hard market,” and said the Centimeters Regent renewal reflected negotiations and the district’s loss history.
Board members heard three coverage differences the broker highlighted: Liberty Mutual’s package would continue to include flood coverage on buildings (Centimeters Regent removed flood from the standard package), Liberty Mutual was signaling potential cash‑value (depreciated) recovery for older roofs in some schools, and differences in earth‑movement/earthquake limits and deductibles that could affect a major claim. The broker recommended staying with Centimeters Regent because, he said, the slightly higher premium appeared to provide broader replacement‑cost protection for the district’s facilities.
The board moved to authorize district finance staff to sign the renewal with the recommended carrier; a motion to “authorize Kyle to sign an agreement with general liability insurance” was made and approved by voice vote. The board previously built a contingency for insurance into its budget (board members confirmed a 12 percent contingency was included for insurance items). The broker said he expected a final quote from Utica National next week but did not expect that quote to undercut the recommended renewal.
The vote authorizes staff to execute the renewal paperwork; board members said they wanted any outstanding competitor quotes brought to them if materially different. The board did not change program coverage in this action; it approved the recommended renewal terms as presented to the board.
