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Board approves insurance renewals; wind/hail program drops to $814,000
Summary
Barbers Hill ISD trustees approved a wind/hail/flood program renewal at $814,000 (a $113,814 decrease) and separate property and equipment breakdown policies totaling lower annual premiums; staff worked with Lockton on market solicitations.
Assistant Superintendent of Finance Becky McManus summarized Lockton's market outreach and the recommended insurance programs. On windstorm, hail and flood coverage, the incumbents submitted renewal quotes totaling $814,000, which McManus said represented "an annualized premium decrease of $113,814 due to a reduction in the program rates while maintaining the same coverage limits." The board approved the wind/hail/flood policy as presented.
For property insurance (excluding windstorm) and equipment breakdown coverage, Liberty Mutual and CNA provided competitive renewal quotes of $364,781 and $8,494 respectively, which McManus noted yielded combined annualized savings of $53,034 versus the prior year. Trustees approved the property and equipment breakdown proposals (motions passed unanimously). The board directed staff to finalize the policies through Lockton and complete any necessary procurement documentation.
