Insurance agent: market easing but liability-limit changes lift coverage requirements
Insurance agent Aaron Meinhardt told the board property rates have eased but exposure rose with new construction; state tort-limit changes mean the district will carry higher liability coverage (noted increase to $2,000,000 underlying limits).
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Aaron Meinhardt, the district's insurance agent, briefed the board on the insurance market: after several difficult years, property rates are down, but because the district's property exposure has increased (new construction and contents), premiums remain a material line item. Meinhardt explained that legislative changes to tort limits have increased required liability limits, which raises underlying coverage levels and affects premium calculations.
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