South Plains College Board of Regents held a special meeting Monday and approved insurance bids for college insurance and approved the budget and tax rate for 2019-2020 fiscal year.
SPC administration recently put all insurance policies out for bid as the college received notice earlier this month that deductibles were increasing substantially. Three bids were received including one from the Fairly Group which is represented locally by the Macha Insurance Agency who has handled a great deal of the insurance policies for the college for several years. The board of regents approved a bid from the Fairly Group for Automotive policy, General Liability, Educator Liability, Employment Practices Liability, Crime Policy, Data Cyber Policy, Law Enforcement Liability and Workers Comp. They approved a bid from the Alliant Group for property insurance. It was noted the deductible for property insurance through the Alliant Group is $250,000 while the Fairly Group had a hail deductible of 1.9 million dollars and did not cover wind driven rain damage. Regent Pete Pettiet, noted that from a service stand point, it is very important to note that a local agent has provided exceptional service in the past. He said “we know that our local agent will stand up for their customer. The Alliant Group has had property insurance coverage on the college buildings for the past three years. It was noted their was a substantial increase of 42% over last years premium. The bids was approved on a split vote with Pete Pettiet casting the only dissenting vote.
The regents discussed the Annual Budget for 2019-2020 for South Plains College. The budget is up 6.3%. The budget was approved as presented with little discussion.
The regents approved a proposed tax rate of 39.2 cents per $100 property value on a unanimous vote.