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Selecting the Right Insurance for Your School

Selecting the Right Insurance for Your School

How do you select the right insurance for your school?

Our finance article this month is over everyone’s favorite necessary evil:. OPSRC does not endorse one insurance carrier over another; we are simply not in the insurance business. We don't have any kind of financial arrangement with any insurance group, investment group associated with the insurance business, sponsorship from an inter-local insurance group, and we don't intend to build such a relationship. We are neutral in this area of school finance by design. 

We have members that belong to both inter-local insurance groups OSMRT and OSIG for the purposes of vehicle, building, liability and board insurance. We will not recommend one over the other, but we do believe strongly that close attention to all costs attached to a policy, including sponsorship costs, the net membership and the net available assets should be examined and is part of the due diligence of any purchase of this importance. To accomplish your due diligence prior to recommending an insurance purchase to your board, it would be a good idea to research the actual financials of the group, which can be found on the

OSMRT Financial Report

‍Source:  Oklahoma Insurance Commission Inter-locals Financial Reports December of 2016

 

 

OSIG Financial Report

‍Source:  Oklahoma Insurance Commission Inter-locals Financial Reports December of 2016

 


Obviously, there are many factors to consider when purchasing insurance. The Interlocal Report does have the complete financial audit along with statements from actuaries with concerns and conclusions about the relative health of each fund. The Inter-Local website includes pdf documents on all the inter-locals that serve Oklahoma’s schools.

Please do not assume that we are endorsing either group; it is up to each school system to determine what best fits their needs. It is important to know, though, who the reinsurers are that are associated with each group, what their policies and procedures are on immediate issues and what their net positions are. Due diligence is central to advising the board in making a strong and solid decision.  

As always, if
we can be of assistance please feel free to contact us.

Andy Evans

Director, Finance

Andy serves as the Finance Director for OPSRC. In this role, he provides help in financial and business-related areas for schools. This includes budgets, managing cash flow, Estimate of Needs, federal programs and general service to aid in the effective use of district resources. Additionally, Andy serves as a resource in customizing budget spreadsheets, projection sheets, and other financial tools essential to administrators in maintaining their district’s financial health.

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