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Board approves updated liability and cyber insurance after property reappraisal
Summary
The board approved new liability, cyber and pollution insurance provider and rates effective July 1, 2024, after an appraisal raised building insured values by more than $35 million; staff said the updated premium costs reflect higher rebuild values and that reappraisals will occur every five years.
The Fairfield Union Local board approved updated liability, cyber and pollution insurance provider and rates effective July 1, 2024, after staff completed a reappraisal of building values.
Miss Roberts told the board the district moved to the Ohio School Plan earlier in the year and that the reappraisal raised total insured building values by "over $35,000,000," which increased the district's insurance costs. She said the total insurance cost had been about $97,000 to $98,000 last year and "is jumping up to $1.23" (figure as cited in the meeting transcript); staff characterized the change as driven primarily by the building-insurance component tied to rebuild cost estimates. Miss Roberts said the district will reappraise values every five years going forward.
Board members asked clarifying questions about the pollution policy and whether it was an endorsement or a standalone policy; Miss Roberts explained it is a separate standalone policy that covers contamination and spill events (examples cited included past classroom mercury incidents and use of chemicals on campus). The board voted to approve the liability, cyber and pollution coverage and associated rates as presented.
The minutes record the board's motion and vote to approve the insurance provider and rates effective July 1; staff apologized that the formal paperwork was finalized after the July 1 effective date but said coverage had been secured.
