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District faces 25.8% jump in property and liability premiums; renewal quoted at $1.108M
Summary
Finance staff presented a renewal with the state pool (MUSIC) showing a 25.8% increase and a total renewal premium of $1,108,141; staff said the rise reflects statewide catastrophic claims and the end of a membership credit.
Finance staff told the board the district’s property, liability and workers’ compensation renewal with the state pool shows a significant premium increase compared with prior years.
Staff said the total renewal amount under Music is $1,108,141, representing about a 25.8% increase. Reasons cited included statewide weather-related catastrophic claims and the discontinuation of a membership credit the pool previously provided. Staff noted the district’s workers’ compensation mod improved modestly, which helped mitigate some increases, and that the district has historically found the Music pool to be the most competitive option.
Board members asked about budgeting expectations and whether alternative insurers could compete. Staff said they had contacted vendors used by other districts but were told Music could not be beat on coverage and rates. The item moved forward for formal approval on the consent/approval agenda.
