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Board selects M3/Hartford for property insurance amid rising deductibles
Summary
After a market search the board approved a property insurance renewal with M3 (carrier Hartford) with an initial quote around $185,762; the policy includes a $25,000 primary property deductible and a $100,000 wind/hail deductible discussion noted.
The Pewaukee School District board approved a recommendation to renew property and equipment coverage through a package proposed by broker M3 with Hartford as carrier, after staff said the incumbent broker’s proposal would have increased the district’s exposure on wind and hail losses.
Staff explained they re‑marketed the district’s property coverage to several brokers to avoid multiple brokers bidding on the same carriers. M3 emerged with the recommended property policy and equipment‑breakdown coverage; staff said the initial quote totaled approximately $185,762 but will likely be slightly lower once building valuations and coverages are finalized. "Total policy on the quotes that we have is $185,762 with M3," staff said.
The board discussed policy deductibles: the primary property deductible was reported as $25,000, and the wind/hail deductible discussed at one point was $100,000 (staff noted carriers are increasingly using percentage‑of‑value deductibles for older roofs). One board member said the $100,000 wind/hail deductible was “pretty good” compared with larger proposed increases.
A motion to approve the insurance renewal with M3 was moved and seconded, and the board voted to accept the recommendation.
