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Lee's Summit R‑VII reviews MUSIC insurance renewal; district sees moderate premium uptick
Summary
District staff presented a Missouri United School Insurance Council renewal showing a 6.4% total increase (about 4% premium increase) and explained nearly half the cost goes into escrow to fund self-insured losses; board members asked about rebid timing and escrow refunds.
Mr. Hall, the district’s insurance presenter, told the finance committee the Lee's Summit R‑VII renewal with the Missouri United School Insurance Council (MUSIC) reflects a “total increase was 6.4%,” with the premium portion closer to about 4% and an additional 2.4% attributable to payroll and property-value increases. He said about 49% of the district’s MUSIC payment goes into an escrow that covers the first $50,000 of each claim, and the district may receive refunds from that…
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