Summary of Trust
Began in 1987. The Tennessee School Boards Risk Management
Trust has been successfully operating since 1987. It is governed by a nine
member board of trustees. Four trustees were elected this year by the
membership of the Trust. As the terms of the other 5 expire, they or their
replacements will be elected by the membership of the Trust.
Membership. The Trust began with 13 school boards and has grown to
100 school boards with a reserve of $14.5 million.
Property and Casualty. Our programs were designed to cover all
property/casualty exposures of school boards in Tennessee in one package.
Student Accident. We are pleased that student accident is part of
our package so that all students are covered and your teachers are not
collecting premiums from students. We provide liability coverage for all
teachers in Tennessee whose boards are members of TSBA.
Cooperation with TSBA. We have a long standing record of
cooperation and support for TSBA. We provide a $325,000 sponsorship fee to
TSBA to help make our association stronger and more effective and TSBA, in
turn, agreed to provide cooperation and support for the Risk Management
In-house Claims Handling. We handle our own claims with a staff
committed to efficiency, fairness, and courtesy.
Loss Control. Our loss control program is unique. We believe that
it is the best loss control program in the United States.
I am pleased to announce that members of the trust will receive a free
appraisal of their property during one of the next three years as a
benefit from membership in the trust. This appraisal process will assist
schools in meeting the new GASB 34 requirements.
Non-educational Entities. The trust currently covers over 50
governmental entities other than schools. This was done as a temporary
solution to the problem of covering schools when their county or city
solicited bids to jointly cover the schools and their funding entity. We
are pleased to announce that this temporary strategy has been successful.
Trustees have established a procedure to move the non-educational entities
to a separate pool beginning July 1st, 2006.
Our Trust simply provides the best risk management service for school
boards in Tennessee. Our trustees are committed to providing the best
coverage at a competitive price so that your school board can spend more
of your resources for the education of your students.