The hailstorms and winter storm of last February contributed to a six-figure increase in property and liability insurance premiums for the upcoming school year at College Station ISD (CSISD).
At the CSISD board meeting on August 17, approval was given to a contract for $ 1,674,338. This is an increase of $ 430,885.
In addition, the cheaper franchises have disappeared. CFO Amy Drozd said that instead of a deductible of $ 250,000 per location and $ 500,000 per storm, CSISD will have to pay up to two percent of a building’s insured value. Drozd told a board member who requested that there be money in the CSISD general fund budget to cover deductibles.
CSIS has over $ 550 million in insured property.
Click below for Amy Drozd’s comments during the CSISD school board meeting on August 17, 2021.
Additional CSDD information:
General Liability, General Liability and Automobile Insurance Policy Renewal: The Board approved a contract for its Annual General Liability and Automobile Property & Casualty insurance.
Annually, ANCO Insurance receives offers and solicits proposals on behalf of CSISD and makes a recommendation on the best package available in the open market.
Because CSISD has a high value of insured property (over $ 550 million), P&C insurance is a “tiered” program, with multiple companies covering certain amounts of property.
ANCO solicited offers from a total of 59 insurance companies that tie coverage for large commercial customers, including school districts.
After reviewing quotes and proposals, ANCO recommended that the district renew coverage for the 2021-22 school year with AXIS. Lexington and Berkshire for the layering program, AIG for principals’ liability coverage, Travelers for auto and general liability coverage, and Mid-Continent Insurance Company for underground storage tank liability coverage.
The insurance market has seen a dramatic increase in premiums in recent years, especially in high value commercial policies. In total, district insurance premiums total $ 1,674,338, an increase of $ 430,885.