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Board approves district insurance renewal after broker reports softening property market
Summary
The school board approved insurance renewal proposals after broker Danny Ray described a softening property market, lower proposals compared with last year, and potential reductions in deductibles over the next year.
The board approved district insurance renewal proposals following a presentation by broker Danny Ray and staff.
Danny Ray told the board the commercial property insurance market is softening; the district’s current proposal came in approximately $183,000 under last year’s proposal for similar coverage. He described the district’s placement strategy with wholesale and retail markets and the role of statewide purchasing groups. Ray said the district’s current property deductible is 3% and that the market may allow a move toward a 2% deductible if conditions hold.
Board members voted to approve the insurance proposals as presented.
