Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Risk Management topic
No spam. Unsubscribe anytime.
Board authorizes ‘not to exceed’ binding for property/casualty insurance while state finalizes rate
Summary
The board approved a resolution to bind property and casualty insurance with the state‑sponsored insurer under a not‑to‑exceed amount after district staff said the final general liability rate was still pending New York State approval.
The Niagara Falls City School District Board on June 12 approved a resolution authorizing district staff to bind property and casualty insurance with the state purchasing vehicle under a not‑to‑exceed dollar amount while the final general liability rate awaited state approval.
Becky (district staff) told the board that New York State authorities had approved most components of the insurer’s package but had not yet finalized the general liability portion, and that waiting would risk an uninsured lapse at midnight on June 30. District staff placed a not‑to‑exceed figure on the agenda to avoid any lapse in coverage; staff described the figure to the board as $8,838,000 as the high point for budgeting and cautioned they would return with the exact rate when the state confirmed it.
Board members expressed frustration at the late timing for a state‑level rate decision and instructed district leaders to communicate the board’s concerns to the insurer and state officials. The motion to bind property and general liability insurance passed by roll call.
District staff said they will bring an amended resolution with the actual rate once the New York State review is complete. The board emphasized the need to avoid coverage lapses while preserving the ability to adjust if the final rate differs materially from the not‑to‑exceed amount.
