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Insurance Pools Sponsored by IASB |
Over the years, the Illinois Association of School Boards has created independent programs to offer services to school boards which the Association itself cannot provide. Most of these programs are now governed by non-profit boards made up of school board members and administrators. Governing boards employ industry experts to administer and market IASB-sponsored services to school districts. Insurance programs sponsored by IASB include Workers' Compensation Self-Insurnace Trust (WCSIT) and Property-Casualty Coverage through IL School District Agency (ISDA).
Both the WCSIT and ISDA programs are designed specifically for Illinois school districts by school districts. Each pool is controlled by a board that is composed of Illinois school district administrators, school board members and business officials. Together, these school district representatives voice what their peers want in workers' compensation and property/casualty coverage.
Workers' Compensation Coverage
Workers' Compensation Self-Insurance Trust (WCSIT) offers school boards an effective way to contain the cost of Workers' Compensation coverage. Member districts may receive dividends on premiums by vote of the trust's board, composed of local school board members and administrators. WCSIT ended the 2006 fiscal year with 318 members and over $17 million in contributions.
Members of WCSIT are eligible to receive School Board Legal Liability coverage with limits up to $5 million. School district treasurer surety bonds and student accident coverage are also available to qualified members.
The WCSIT has emerged to be one of the most financially successful workers' compensation pools available to Illinois school district today, as the WCSIT has paid more than $20 million in dividends and distributions to its members since its inception in 1982. As of June 30, 2006, the WCSIT holds a surplus of about $1.7 million (unaudited amount).
For information about WCSIT, call 1.800.654-9504.
Or visit the WCSIT Website at www.wcsit-isda.com.
Property-Casualty Coverage
The Illinois School District Agency (ISDA) offers a full line of property casualty coverage for interested member districts. The pooled risk management program is governed by a board of regents composed of local school board members and administrators. The Illinois School District Agency (ISDA) provides property/casualty coverage to more than 175 school districts across Illinois. For the 2005-2006 program year, the ISDA experienced a renewal retention rate in the 90th percentile and received approximately $9.6 million in contributions. In addition to receiving competitively priced property/casualty coverage, ISDA members receive specialized loss control services and access to low-cost property appraisals to assure proper insurance to value coverage.
For information about ISDA coverages, call 1.800.654-9504.
Or visit the ISDA Website at www.wcsit-isda.com.
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Although the IASB Web site strives to provide accurate and authoritative information, the Illinois Association of School Boards does not guarantee or warrantee the accuracy or quality of information contained herein.
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