Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Insurance topic
No spam. Unsubscribe anytime.
Insurance consultant: Clay County renewal shows modest savings, markets still negotiating
Summary
An insurance consultant told the Clay County School Board the annual property and casualty renewal shows about $50,000 in overall premium savings and a 16% rate reduction on the property line after a 5% increase in insured values; staff will continue negotiating through the June 30 renewal date.
Jury, the district's annual insurance consultant, told the Clay County School Board at its May 26 workshop that the district's insurance renewal is tracking toward a modest net reduction in premiums.
"We've been able to go from 2.15 million down to just uh slightly over 2 million which is a $50,000 savings," Jury said, adding that property values on the district roll were adjusted to about $1.66 billion and that carriers have been more competitive this year.
The consultant said the property line saw what he characterized as a 16% rate reduction after the district raised insured replacement values by about 5%. Jury described the district's program as a specific excess-insurance arrangement that relies on self-insured retentions for the first layers of loss and excess coverage above that: for property he cited a $100,000 per-occurrence retention with insurance above that up to policy limits; general-liability-type claims use a $200,000 retention; workers' compensation carries a $500,000 retention before purchased excess coverage.
Jury told the board the district's renewal was marketed broadly — submissions went to 46 companies with 14 carriers providing quotes or indications — and that staff will keep negotiating through the renewal effective date on June 30. He noted that some lines (liability and workers' compensation) are flat to slight increases, while overall marketplace conditions have improved compared with prior years.
Why it matters: insurance premiums and retention structures affect the school district's operating budget and risk exposure; changes to insured values, retention choices and market competition can produce savings or increased out-of-pocket exposure for the district.
Board members asked clarifying questions about the timing of the renewal and whether pricing could still improve; Jury said the district could see further movement as additional markets complete their reviews before the June 30 renewal. The presentation closed with staff and the consultant noting the district will continue to pursue improved pricing and will return to the board with final renewal terms.
Next steps: staff will continue negotiations through June 30 and present final renewal terms to the board; the district retains the option to adjust coverages and retentions as feasible before the renewal becomes effective.
