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Board approves $9,038 annual premium to lower wind-and-hail deductible
Summary
The board voted to buy down the district's wind-and-hail deductible from $200,000 to $25,000 for an additional annual premium of about $9,038, after discussing coverage scope and long-term cost-benefit concerns.
During deliberations on property liability insurance, staff presented an option to reduce the wind-and-hail deductible from $200,000 to $25,000 for an additional premium of approximately $9,038 per year. Board members asked whether outdoor assets — such as the track, press box and storage sheds — are covered under "property in the open" provisions and requested an asset list to confirm coverage. "You can purchase lowering the 200,000 wind and hail deductible down to 25,000 deductible, or the $9,038.25 additional premium," staff said while explaining the option.
Board members weighed the long-term cost versus the risk and the frequency of storms. After discussion, the board approved paying the additional premium to lower the deductible, and directed staff to obtain clarifying information on listed assets (track, press box, sheds) and exclusions in the policy language.
