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Insurance renewals show premium increases; district and broker pursue flood coverage after carrier removes two schools
Summary
Pennridge’s insurance renewals showed premium increases across multiple coverages, and the district’s lead property insurer reportedly declined to provide flood coverage for two buildings (Central and Daimler) at final renewal. District staff and the broker are seeking alternate flood coverage ahead of July 1.
The district’s property and liability renewals presented to the finance committee on June 10 reflected price increases and raised a separate operational concern: the district learned at final renewal that the carrier’s flood endorsement would not cover two district buildings, and the broker is seeking alternate flood coverage.
Finance staff summarized multiple renewals and options in the packet, including general property and liability (total premium for core lines about $724,000 with a $5,000 deductible, an alternative $10,000 deductible would reduce premium slightly), a $10 million…
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