Wednesday, May 29, 2024

Insurer won’t renew NIC’s policy

| May 11, 2022 2:56 PM

COEUR d’ALENE — North Idaho College’s risk insurance carrier will not renew the college’s policy after it expires next month.

Idaho Counties Risk Management Program (ICRMP) is a member-owned carrier created by Idaho local governments to provide property and casualty insurance for public entities.

NIC’s policy covers, among other things, general liability, property liability and employee liability. The college reportedly contracts with separate carriers for athletics and student accident insurance.

Interim President Michael Sebaaly announced via email on Wednesday that ICRMP will not renew NIC’s policy after the current policy expires on June 30, 2022.

Sebaaly’s email came at 2:37 p.m. Wednesday, hours after The Press inquired about NIC’s policy with ICRMP.

A letter from ICRMP to the college reportedly cited “numerous factors” for the decision, including “adverse claim development and increasing risk exposures.”

Sebaaly said NIC has complied with all requirements of its subscriber agreement with ICRMP.

Under that agreement, the NIC Board of Trustees may file an appeal.

Sebaaly said he expects the board to discuss the subject at a special meeting that has not yet been scheduled.

NIC is “actively seeking solutions,” Sebaaly said, both with ICRMP and in the private marketplace.

This is a developing story.