“It’s a superb way for us to not only cover our insurance needs adequately throughout the district, but to reduce some of our risks through the advice and guidance of the PSIC leadership team.”
Riverdale, IL (PRWEB) October 25, 2011
PSIC is an exclusive ARM of Illinois program serving K-12 public schools in the state. The unified cooperative offers the leadership, management, and insurance coverage critical to public schools today. The PSIC program is a combined effort of ARM of Illinois and Arthur J. Gallagher Risk Management Services, Inc.
The PSIC program covers property and liability insurance, workers’ compensation coverage, school board legal liability, student accident coverage, pollution coverage and treasurers’ bonds. Comprised of a seven-member Executive Committee (superintendents and business managers,) the PSIC program is a member-orientated cooperative effort by Illinois schools to run their own insurance and risk management cooperative.
Since 2006, ARM of Illinois has been offering the PSIC plan to Illinois public school districts. Now at 100 members, the program has become a model for self-administration of insurance and risk management for public schools. “The program is exclusive to our members and is one that only our ARM members sell,” says Robert Pegg, Marketing Director for ARM of Illinois. “With approximately $7 million of premium, it has given us a solid reputation in the marketplace here in the state.”
Larry Forsberg, sales manager at Pardridge Insurance Agency of Sycamore, Ill., brought the 100th district to the program. Rochelle’s District Superintendent, Todd Prusator, saw the value in the cooperative. “It’s a superb way for us to not only cover our insurance needs adequately throughout the district, but to reduce some of our risks through the advice and guidance of the PSIC leadership team.”
Prusator’s district is now eligible for PSIC’s dividend-return process, in which funds not spent on claims are returned to cooperative members. It’s a benefit of membership that Pegg says is part of the program’s design. “Our goal is steady, long-term, profitable growth with the hope of returning dividend monies to our current and potential clients,” he says.
Pegg says that districts concerned with a long-term approach to claims and loss control, providing a safe school environment and cost control are a good fit for the program. “We want to write good, solid schools that are interested in becoming part of a program that’s been set up for schools to run and participate in."
About Prairie State Insurance Cooperative:
The Prairie State Insurance Cooperative (PSIC) is a protected, self-insurance risk management program that gives districts long-term stability in premiums, as well as broader coverages and increased limits. A specialized insurance & risk management program for public school districts in North, Northwest, Central and Southern Illinois, the PSIC offers several property, liability, and employee- and student-related coverage options. The program is administered by Arthur J. Gallagher Risk Management Services, Inc.
About ARM of Illinois:
ARM of Illinois is the regional membership association serving member agencies in the state of Illinois, and is part of the national association of ARM. ARM of Illinois is the sole distribution network for the Prairie State Insurance Cooperative.