Board joins Oklahoma Schools Insurance Group, renews property/casualty and workers' comp coverage; premiums fall about 8% from last year
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Summary
The board approved joining the Oklahoma Schools Insurance Group and voted to renew property/casualty and workers' compensation coverage for 2025–26, noting a roughly 8% reduction in premiums compared with the prior year.
The Sand Springs Public Schools Board of Education voted June 2 to join the Oklahoma Schools Insurance Group (OSIG) and to renew the district’s property/casualty and workers’ compensation insurance for fiscal year 2025–26.
During discussion district staff said this year’s property and liability renewal produced a premium about 8% lower than last year; staff estimated premium savings on the order of $200,000 compared with what the district had anticipated paying.
The board approved a renewal quote for property, casualty and liability insurance through the district’s broker/agent relationship with Insurica/Keystone Agency and OSIG. The board also approved a workers’ compensation renewal through Oklahoma School Assurance Group (OSAG) for the 2025–26 fiscal year.
Board discussion noted the statewide pool structure OSIG/OSAG provides and the tradeoffs between pooled coverage and districts self-insuring. Staff said the district has benefited from lower occurrence activity this season and the favorable renewal, while acknowledging that large single events (for example, tornado-related losses elsewhere in the state) can create reinsurance pressure for all districts.
The board voted unanimously to join OSIG and to adopt the two insurance renewals. Staff said they will finalize policy documents and incorporate the renewal costs into the adopted budget.
