I am pleased to report on a very successful APEI board of directors spring meeting held on April 29th in Anchorage with a preceding day of strategic and succession planning. The board approved the distribution of excess capital totaling $3,910,000 which is being shared among all members in the form of premium credits and dividends.
We are looking forward to the 2016/17 policy year, which begins on July 1, and will include some significant improvements to APEI’s coverage and services. These improvements include:
· APEI’s liability policy will now include coverage for non-owned watercraft over 27ft. Liability for smaller watercraft has been included in the past, but we identified a gap in coverage of members’ liabilities, and modified the policy to address it. This non-owned watercraft coverage may be particularly valuable to school districts and municipalities who contract with 3rd parties for the use of watercraft (such as taking students on a field trip), but the 3rd party’s insurance limits are lower than the potential cost of a loss. In this situation, APEI’s liability policy would apply, and cover the member’s liability for any loss.
· Both volunteer and student accident coverage will now be provided within APEI’s liability policy. These are no-fault policies that provide excess medical coverage in the event of an injury to a volunteer or student, and enable these injuries to be treated quickly and without the need to file a liability claim. We will be contacting you early in July with more information about the process for filing a claim under these coverages.
· Our equipment breakdown coverage now includes jurisdictional inspections of boilers in 38 locations throughout the state (basically all those with reasonable travel costs). These inspections are provided at no cost to the member. For all other locations, APEI will continue to reimburse any member for state inspector costs on an as submitted basis.
· APEI has started offering more comprehensive loss control services for members in the area of human resources. Carleen Mitchell, our HR specialist, is available for both on-site training in HR topics, as well as phone consultation with members having questions on specific topics. Carleen can be reached at (907) 523-9430.
Quotes for the upcoming policy year are out the door, and include an option for a larger discount for members signing a 3-year agreements. We are now busy binding coverage for renewing members while we await word from prospective new members for whom we have provided competitive quotes.