Beloit committee endorses 2025–26 insurance renewals; workers’ comp rise cited

The Business Operations & Finance Committee reviewed the district’s property, liability, workers’ compensation and other business insurance renewals for the 2025–26 policy year and voted to forward the renewal recommendations to the full Board of Education.

Missus Elwood, the district’s finance director, said overall premiums were close to last year’s levels and recommended not increasing the property deductible from $50,000 to $100,000 even though that change would save about $17,952. She noted that raising the deductible would shift claims from $50,000–$100,000 onto the district and recalled that the district had smaller water-damage claims in the prior year that would have fallen into that gap.

Elwood said the largest single driver of the premium increase was workers’ compensation, which rose approximately 20% for the coming term. She explained the district’s experience-modification factor increased (reported in committee slides as moving from 1.05 to 1.38), which increases workers’ compensation costs.

Committee members asked whether the district had issued an RFP for insurance broker services. Elwood explained Tricor (the broker) solicits quotes from multiple insurers and assembles the package; EMC was the primary insurer for most coverages. Members also asked about coverage lines (inland marine for movable equipment, “linebacker” board/school-leader coverage, global coverage for staff out of the country) and about how various categories of employees are reflected in the general-liability listings.

After discussion the committee voted to move the recommended renewals to the full board for approval before the new policy term begins July 1, 2025.