Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance Renewal topic
No spam. Unsubscribe anytime.
Galesburg CUSD 205 approves PSIC renewals: 5% increase for property/casualty, 2% workers' comp reduction; selects $3M cyber limit
Summary
The board approved Prairie State Insurance Cooperative renewals for property and casualty (5% increase) and workers' compensation (2% decrease) and chose a $3 million cyber coverage option to balance risk and premium.
District staff recommended and the board approved renewals through the Prairie State Insurance Cooperative (PSIC) for property and casualty and workers' compensation insurance and selected a cyber insurance limit.
Staff reported a 5% premium increase for the PSIC property and casualty package and outlined the cooperatively billed administrative fees, claims administration and local agent fees that comprise the total cost. Trustees asked clarifying questions about the breakdown of administrative fees versus premium; staff explained PSIC is a cooperative with separate administrative, brokerage and local agent components and that total costs are more transparent under the co‑op structure than a single fully insured quote.
For workers' compensation, the district reported a 2% reduction in the overall premium and a modest decline in the district's experience modifier (from roughly 1.35 to 1.34), evidence the district's claims profile is improving. The board approved the workers' compensation renewal.
On cybersecurity coverage, staff recommended the mid‑tier option with a $3,000,000 limit (option 1) rather than the $2,000,000 baseline or the $5,000,000 top option, citing layered cybersecurity tools in use (for example, Arctic Wolf monitoring) and a desire to balance premium and coverage. The board approved the $3,000,000 limit option.
Board approval authorizes the district to proceed with PSIC coverage as presented; staff noted renewal start dates and the need to return if the district pursues changes to cooperative membership or should it explore alternative market options next year.
