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Lubbock ISD rebids property insurance, wins lower premium and higher capacity
Summary
District staff reported a new property and equipment insurance contract effective April 1 that reduces the annual premium by about $1 million while increasing margin capacity and maintaining coverage for insured values above $1.5 billion.
LUBBOCK — The district’s payroll and risk management director told trustees March 12 that a competitive rebid for property and equipment insurance produced lower premiums and increased capacity to cover new construction.
Lisa Thompson, executive director of payroll and risk management, said the district solicited best-and-final offers and selected a bidder whose margin capacity and coverage profile better match the district’s growing insured value (more than $1.5 billion). "We will take about a million dollars reduced in our premium," Thompson said, describing a policy effective April 1 with a coverage limit of $250 million and adjusted deductibles.
Trustees asked procedural questions about committee review and timing; staff said the item was presented early to the board because the operations committee would not meet before approvals were required.
No vote was recorded in the presentation; the board moved into an executive session later in the agenda.
