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Board accepts Travelers insurance for commercial property after broker recommendation
Summary
After a presentation showing two comparable bids, the board unanimously approved contracting with Travelers for the district's commercial property insurance, with staff citing broker relationships and a reduction in workers' compensation costs.
The Manitowoc School District board unanimously approved accepting Travelers' bid for the district's commercial property insurance, following a staff presentation that compared two bidders and outlined premium and workers' compensation changes.
A presenter identified as Nate reviewed expiring premiums of about $775,000 and presented two firm bids: Star at $548,443 and Travelers at $552,493. He recommended Travelers based on broker relationships and local service capacity, noting the difference between the two quotes was under 1 percent. "I felt like the difference was very minimal," the presenter said, citing the broker's ability to call a local office in Brookfield if a claim arises.
The presenter also highlighted district work that reduced the workers' compensation experience modifier from 2.18 to 1.77, which he said contributed to roughly $100,000 in savings. A board member moved to accept the director's recommendation to employ Travelers for coverage; the motion was seconded and the board voted unanimously in favor.
The board did not adopt additional changes to coverage at the meeting; staff will finalize the contract so coverage is in place by July 1.
