Errors, omissions insurance policy chosen

The Lawrence school board Monday acquired an insurance policy for errors and omissions that cost more than three times the coverage bought a year ago.

The new one-year policy with United National Insurance Group is limited to a $1 million payout on lawsuits and claims, and it carries a $100,000 deductible.

It won unanimous approval from the school board.

The policy covers the board as well as district employees and takes effect Oct. 2.

The premium will be $53,424 far more than last years rate of $15,501.

Steve Wanamaker, a Charlton Manley Insurance executive serving as agent for the district, said premium increases were tied to Sept. 11 terrorist attacks, insurance companies loss activity and scarcity of companies offering this coverage.

Hanover Insurance Co., which held the districts policy the past year, has withdrawn from the market.

Baum firm hired to prepare for bond issue

The Lawrence school board hired a financial adviser Monday in anticipation of asking voters to pass a multimillion-dollar bond issue for school construction.

George K. Baum won an $8,500 contract to advise the district on preparation of a bond issue that likely will go to public vote in early 2003.

We are preparing for all eventualities, said Scott Morgan, the boards president.

The district is in the middle of a facilities study that should yield a plan for school consolidation and construction. The study will be the framework of a 20-year master plan that will be financed through the districts sale of bonds. It would be repaid with property tax revenue.

Baum will work with DLR Group, an Overland Park engineering and architectural consultant, on voter passage of a bond issue. Payment of fees to both companies is contingent on adoption of the bond-payment plan.