Insurer won't renew NIC's policy
ICRMP is a member-owned carrier created by
Interim President
"The brief notification letter we've received from ICRMP cites 'numerous factors' for its decision, including 'adverse claim development and increasing risk exposures,'" Sebaaly wrote.
The college paid
ICRMP paid
In emails obtained by The Press, former Trustee
"If we act with reckless disregard that causes a financial loss to ICRMP, they will likely drop our coverage," Wood wrote.
She said ICRMP attorneys told her that Board Chair
Another one of the "numerous factors" that may have prompted ICRMP to drop NIC was the
NIC's ICRMP policy covers general liability, property liability and employee liability, among other things. The college reportedly contracts with separate carriers for athletics and student accident insurance.
Under the terms of its subscriber agreement with ICRMP, the NIC board of trustees may appeal the decision.
Sebaaly said in the email to employees that he expects the trustees to discuss the matter at a special meeting ahead of the regular meeting scheduled for
"At this point, it's important for you to know that the college is actively seeking solutions, both with ICRMP and in the private marketplace," Sebaaly wrote.
The special meeting, which requires 24 hours notice, could happen as soon as Friday. It will be the first meeting of a full, five-person board of trustees since January.
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