Board votes to continue insurance with Tennessee Risk Management Trust amid rising premiums
March 15, 2024 | Clay County, School Districts, Tennessee
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The Clay County Board of Education voted Thursday to continue its property, liability and student-insurance coverage with the Tennessee Risk Management Trust for the 2024-25 year.
The board discussed anticipated premium increases before the vote. The chair said the trust was "expecting about, 10%" in higher premiums, and another speaker reported contacting the home office and finding the average increase was "upwards to 20%," reflecting wider cost pressures in insurance markets. Staff noted the trust covers workers' compensation, student accident insurance, general liability, buses and school properties and gives a 2% discount for timely payment.
A motion to continue with the Tennessee Risk Management Trust was placed on the floor (mover: Mr. Sheryl; seconder: Mr. Upton) and approved without recorded opposition.
Board members also discussed seeking additional quotes next year. The chair said the board could revisit the procurement timeline and "bump this up and put it on the February agenda for next year" if members wanted more time to explore other providers.
The board did not record a roll-call vote in the public transcript; the motion passed by voice vote.
The board discussed anticipated premium increases before the vote. The chair said the trust was "expecting about, 10%" in higher premiums, and another speaker reported contacting the home office and finding the average increase was "upwards to 20%," reflecting wider cost pressures in insurance markets. Staff noted the trust covers workers' compensation, student accident insurance, general liability, buses and school properties and gives a 2% discount for timely payment.
A motion to continue with the Tennessee Risk Management Trust was placed on the floor (mover: Mr. Sheryl; seconder: Mr. Upton) and approved without recorded opposition.
Board members also discussed seeking additional quotes next year. The chair said the board could revisit the procurement timeline and "bump this up and put it on the February agenda for next year" if members wanted more time to explore other providers.
The board did not record a roll-call vote in the public transcript; the motion passed by voice vote.
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