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Board approves Nevada Public Agency Insurance Pool renewal with modest premium decrease
Summary
The board approved a renewal with the Nevada Public Agency Insurance Pool for FY27 at a rate slightly below last year. Pool representatives described improved reinsurance purchasing and expanded cyber coverage; trustees asked about deductibles and cyber security practices.
Representatives from the Nevada Public Agency Insurance Pool reviewed the district’s FY27 property/casualty renewal proposal and recommended coverage. Broker remarks emphasized a favorable London-market reinsurance cycle and the pool's long-term stability. Key changes discussed included expanded limits on aggregate loss layers, additional equipment breakdown capacity added at no rate change, and a restructured cyber program with Tokyo Marine as the primary market that increased first- and third-party cyber limits.
Trustees asked whether deductible levels had changed (district retained a $50,000 deductible) and discussed cyber coverage sublimits and the pool’s member-assessment approach. Pool staff said risk-management help and cyber risk-consulting are available to members. The board approved the renewal and payment for FY27 unanimously.
