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District insurance renewal shows lower premiums amid added construction value
Summary
Finance staff reported a slight (~5%) decrease in annual property and liability premiums, addition of ~$12M in new construction and ~$6M in renovations to coverage, and a workers' compensation mod factor drop from 1.22 to 0.98; the board approved the renewal.
District business-affairs staff presented the annual property and liability insurance renewal and reported a net decline in overall premium cost of about 5% for the renewal period. John told the board the district added approximately $12,000,000 of new-construction value and about $6,000,000 of interior renovation value to the insured values.
John also noted the district's workers' compensation experience-mod factor improved from 1.22 to 0.98, yielding a premium reduction of nearly $20,000 for that policy. The gross premium cost for all policies was presented in the meeting materials and stated in discussion as roughly $440,000. The board moved to approve the renewal and voted in favor by voice vote.
No coverage changes or special claims were discussed at the meeting; staff will finalize the renewal per the attached coverage summary and report back if any changes arise.
