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Midland ISD board approves annual property insurance renewal; trustees ask about earthquake coverage and conflicts
Summary
Trustees approved the district’s annual property insurance renewal with Gallagher as broker; trustees questioned earthquake premium costs, past claims and whether any conflicts require abstention before voting.
Administration recommended approval of the district’s annual property insurance renewal, reporting that Gallagher has served as the district’s broker since 2024 and that recent broker changes and market conditions had allowed increases in total insured values while lowering annual premiums and deductibles.
"Over the past 3 years with the change of our broker, we've been able to increase total insured values, decrease the annual premiums, decrease the wind and hail deductible, increase the margin clause, and increase the earthquake sublimit," administration told trustees while summarizing comparisons with prior brokers.
Trustees asked for specifics about earthquake premium costs and whether the district had filed any earthquake claims in recent years. Counsel advised that abstention is required only when a trustee cannot exercise independent judgment due to a conflict; trustees indicated they would consult counsel if concerned.
After questions and a brief discussion about conflicts and coverage details, a motion to approve the annual property insurance renewal was made, seconded and approved unanimously.
