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Board asks staff to correct coverage descriptions, seeks clarity on handling higher final quotes
Summary
A board member flagged an incorrect coverage description in meeting materials and asked that it be corrected in the minutes; staff explained how higher-than-estimated final quotes would be handled and noted the short binding window for insurance quotes.
During review of the insurance renewal packet, a committee member told staff that one line in the coverage attachment did not match the description and asked for a correction. The clerk responded, "maybe we'll just put in the minutes so we can correct it," and staff agreed to make the correction when the item proceeds to the ICC.
Board members also asked what happens if final quotes return higher than the estimate. Staff explained there is a standard not-to-exceed allowance and that resolution of higher quotes depends on dollar thresholds: depending on the aggregate amount, awards can be completed administratively or returned to the board. Risk management emphasized the short timeline for quotes, noting insurers' quotes must usually be bound within about 30 days.
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