Purdy schools to increase property insurance coverage

Wednesday, December 21, 2016

Cyber insurance added to district's coverage for the first time

The Purdy school board has approved continuing its annual property and liability insurance with the Missouri United School Insurance Council (MUSIC) despite an 8 percent increase in the premium.

Superintendent Steven Chancellor recommended making two additions to the insurance coverage.

Due to pending construction on a FEMA shelter/performing arts center, Chancellor advised taking the $5 million umbrella, boosting the premium by an additional $3,105.

The new policy also included a $1,500 for insurance against cyber attacks against the district's database.

"It's time for us," Chancellor said. "The reality is, $1,500 wouldn't event get someone on the phone if we had a cyber breach. This would cover the cost of a credit check for a couple months and steps we'd have to take to show identities were protected. When you have those things, it's a multi-year process.

"The insurance would cover us online and for credit card fraud. It's the cheapest thing we could have."

Board members approved the plan for a premium of $86,240, paid in November.

Adding on the higher umbrella and the cyber insurance, which will be billed in January, brought the district's total premium to $90,845.

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