Robert McDermott, Business Manager for the Rochester School District Community School District Number 3A and Chairman of the Prairie State Insurance Cooperative (PSIC), recently announced an equity return to members of $709,360.
The return includes monies for property/casualty policy years 2006-07, 2011-12, 2012-13, and 2013-14.
PSIC is a full-service insurance and risk management program offered to public schools in North, Northwest, Central and Southern Illinois.
The comprehensive program gives members long-term cost stability as well as broader coverages and increased limits.
Coverages include property and casualty, automobile, excess liability, workers’ compensation, school board legal, student accident and more.
The risk-sharing pool purchases traditional insurance in excess of a self-insured loss fund.
The specialized nature of the program design offers the potential return of loss fund dollars subject to favorable loss experience. PSIC’s equity return is evidence that the program is well managed and profitable.
Now at 192 members, PSIC expects to exceed 200 members in 2018.
Local districts that are receiving an equity return are Ashley CCSD, Career Center of Southern Illinois, Century CUSD, Chester CUSD, Coulterville SD, Dongola SD, Dupo CUSD, Elverado CUSD, Five County Regional Vocational System, Freeburg CCSD, Freeburg CHSD, Irvington CCSD, JAMP Special Education District, Joppa-Maple Grove CUSD, Lick Creek CSD, Millstadt CCSD, Mt. Vernon THSD, Oakdale CCSD, Perandoe Special Education District, Pinckneyville CCSD 204, Pinckneyville HSD, Pope County CUSD, Prairie DuRocher SD, Red Bud CUSD, Sparta CUSD, Steeleville CUSD, Tamaroa GSD, Thompsonville CUSD, Trico CUSD, Valmeyer CUSD, and Vienna HSD.
Arthur J. Gallagher, the leading provider of risk management and insurance solutions, for Illinois public school districts, administrates the program.
ARM of Illinois is the exclusive marketing agent for PSIC.
M & M Insurance Agency, Inc. of Du Quoin, Illinois is a local member of ARM of Illinois that provides the PSIC to local districts.
Dr. Don Badgley, former Superintendent of Schools for the Steeleville School District, is the producer and consultant for M & M Insurance Agency, Inc.