Johnston County Public Schools has approved insurance contracts for the 2020-2021 school year at a significantly higher rate.
During the 2019-2020 school year, the cost for property, workers compensation, vehicle, cyber, and flood insurance was $1,996,706. The premium this year increased to $2,612,890, a jump of 30.86 percent.
The largest increase was in Property Insurance costs which jumped by $318,839. Vehicle insurance costs increased by $150,174 and workers compensation by $77,168.
The school system lowered their deductible on wind insurance from $500,000 to $100,000 with a Wind Buyback policy. However, that policy will cost $54,281 during the next 12 months.
The board voted unanimously to approve the insurance contracts. The following companies will be providers:
- Property Insurance – Traveler’s
- Vehicle Insurance – Liberty
- Cyber Insurance – National Union (AIG)
- National Flood Insurance Program – American Bankers
- Excess Flood Insurance – RSUI
- Workers Compensation- Travelers
- Wind Buyback – Velocity