Galveston ISD’s insurance rate almost triples
— reported by the KHOU CBS Channel 11
With hurricane season on the way, the Galveston Independent School District’s board of trustees Tuesday had to make an excruciating decision: Faced with massive hikes in insurance costs, trustees had to choose between possible layoffs or having some portion of the district’s assets uninsured.
The board ended up splitting the difference.
It voted to nearly triple the district’s premiums — from $446,000 to $1.3 million — while it left $55 million of the district’s $151 million in assets uncovered against windstorm damage.
The current year’s policy, which expires Saturday, covered all district buildings. Doing so for the coming year would have cost almost $1.8 million.
Galveston Schools Boost Insurance To Brace For Storms
— reported by Click2Houston.com
The Galveston school board voted to triple its insurance payments to keep up with higher rates for windstorm coverage.
With hurricane season approaching, the coastal district will pay $1.3 million in premiums to cover about two-thirds of its assets.
The district paid $446,000 for its current policy, which expires Saturday, to cover all of its buildings. Coverage for all of the buildings would have cost $1.8 million this year, officials said.