Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance Workers Comp topic
No spam. Unsubscribe anytime.
Board hears workers’ compensation renewal; broker recommends staying with incumbent despite small increase
Summary
Staff presented workers’ compensation renewal offers and recommended remaining with the current carrier, Eastern Advantage, with a projected premium around $123,504 beginning Oct. 1, citing a modest cost difference and continuity of claims service.
Hancock County school staff presented competing renewal quotes for the district’s workers’ compensation policy and recommended continuing coverage with the incumbent carrier, Eastern Advantage, even though the district’s experience modifier rose from 0.99 to 1.11.
The unnamed insurance presenter told the board the district solicited 14 carriers; the district’s expiring premium was $123,370 and Eastern Advantage offered a renewal of $123,504 beginning Oct. 1. A lower quote from another carrier (Peachtree) was available but the presenter recommended against changing carriers because of concerns about Peachtree’s claims service. “My recommendation is to stay with Eastern,” the presenter said.
Board staff noted payroll exposure projections changed after a recent audit and an updated payroll estimate of about $26.5 million was being used to calculate premiums. Staff reported that a 2023–24 audit produced a refund of about $18,000 due to payroll adjustments.
Action and timing: Staff said the renewal must be finalized before Oct. 1; the board heard a motion to approve the renewal at the meeting and the motion was put before the body for action. The motion language presented at the meeting referenced approving the quote for $123,524 that begins on Oct. 1 and runs through 2026.
Ending: Staff said the broker will continue to monitor the experience modifier and work with district staff to reduce claims and lower future premiums.
