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Beresford council hears detailed pitch to move insurance to state pool; officials urged to weigh retro coverage
Summary
A representative from the South Dakota Public Assurance insurance pool briefed the Beresford City Council on coverage options, quoting a base package and explaining tradeoffs between occurrence-based and claims-made coverage, retroactive options and likely deductibles. Council did not take a final vote but asked staff and counsel to follow up.
A representative of the South Dakota Public Assurance Insurance Pool told the Beresford City Council that the pool offers coverage written specifically for South Dakota public entities and outlined key differences between occurrence-based and claims-made policies.
"Occurrence-based coverage means the type of coverage that is in effect at the time a loss happens is the policy that responds," the pool representative said, and contrasted that with "claims-made coverage," which responds based on the policy in effect when a claim is made and may rely on a retroactive date. He described retrofit options the pool can offer and said the packet…
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