School board sees benefits of insurance co-op


A year ago, Maple Lake Public Schools joined the Minnesota Insurance Scholastic Trust. At the June 9 school board meeting, board members received an update about MIST, accepted the quote for property/liability insurance and learned about options for workers compensation insurance.
Nick Lano of Arthur J. Gallagher & Co., which administers MIST, shared how the co-op has grown since Maple Lake became a charter member, including the addition of White Bear Lake Area Schools.
“With White Bear Lake, we’re looking at $1.7 billion of total insured values. As that amount grows, it becomes cheaper for everyone as a whole,” Lano said.
The district’s property/liability insurance rates did not change, Lano said, but deductibles doubled from $2,500 to $5,000 and the district’s payment into the co-op’s loss fund increased.
“By increasing the deductible, we were able to gain additional coverage at no additional cost,” Lano said. 
In the case of a property or liability claim, the district would pay the first $5,000, up to $75,000 would come from the co-op’s loss fund and any expenses beyond that would be paid by insurance. 
More information appears in this week's Messenger.