Chickasha schools renew liability insurance through OSIG with $77,000 premium reduction

The Board of Education approved renewal of the district’s liability insurance coverage through the Oklahoma School Insurance Group, with district advisors reporting an 8 percent reduction in premium—approximately $77,000—compared with the prior year.

An insurance representative explained the district currently carries a $100,000 deductible for all perils and that the insurer’s offering included limited options to increase the deductible to obtain larger credits. The representative said the district’s buildings were recently reevaluated for schedule values and that building values changed only slightly this year.

The district previously added an additional $4 million of liability coverage beyond the $1 million base; that additional coverage applies per client across general liability, educators’ legal liability (professional/educator legal liability), board liability and auto liability, with a $4 million per-occurrence cap described for the additional coverage.

Board members asked about the district’s claims history and loss ratios. The insurance presenter said the district’s five-year claim count was 55 and that the district’s loss ratio has improved from earlier years (it was noted to have been high previously and has declined as premiums rose). Storm seasons and severe weather drive much of the claims variability, and the presenter confirmed recent investments in roof warranties that cover certain hail and wind damage up to specified thresholds, which reduces insurance claim exposure for those events.

After discussion the board voted to approve the renewal. Staff said required signature documents will be exchanged to bind coverage.