Self-Insured Indiana Public School Workers’ Compensation Program Marks 10-Year Anniversary
The Central Indiana Education Service Center (CIESC) and the Wilson Education Center recently celebrated their , a self-insured Workers’ Compensation program in Indiana whose membership today is comprised of 23 schools and two service centers. The oldest school self-insured Workers’ Compensation program in Indiana, ISESC was established in 2006 with the aid of MGU and insurance wholesaler Caitlin Morgan to help public schools in the state address volatile premiums. The program is set up as a reinsurance structure that allows individual school corporations to enter into the group without the required collateral for self-insurance while at the same time protect them at the top end based on their size. Unlike other educational risk funding trusts or pools, the ISESC program is available to appoint local independent insurance agents and brokers that write or market to public schools in Indiana.
“The ISESC Workers’ Compensation Trust program, says CIESC Executive Director, Kevin Caress, “is an excellent alternative for schools to control their cost and services. It has saved our member’s significant dollars by simply offering an alternative in the marketplace.”
In fact, ISESC members have experienced stable insurance costs, savings, fewer on-the-job accidents, and injuries, and have the ability to drive more money into the classrooms. Members of the ISESC program can save between 15% and 20% annually over traditional commercial Workers’ Comp insurance; gain control over the dollars spent on insurance; are not subject to price fluctuations from commercial insurers; have the ability to earn and retain investment income; gain access to administrator services provided by a local Indiana company; significantly mitigate their risk and lower claim costs due to sound loss prevention; and are a part of a program backed by an A+ rated insurance carrier.
Indeed, the ISESC program has worked so well for CIESC and Wilson Service Centers that they are now working with Caitlin Morgan to expand it to address property and casualty insurance for Indiana Public Schools. Coverage is offered on a Self-Insured Retention basis, underwritten by an A.M. Best “A” rated carrier, and will provide public school corporations the ability to retain excellent coverage, work with their local insurance agents, and reap the benefits of the services the ISESC Public School Program has provided over the past ten years.
About Caitlin Morgan
If you write school insurance business in Indiana and would like to learn more about ISESC, give the Caitlin Morgan professionals a call at 877.226.1027.
Photo credit: Kovert Hawkins Architects