Oct 16, 2013 - By Katie Roenigk, Staff WriterCentral Wyoming College will pay more for property and liability insurance this year, in part because of the new Health and Science Center recently constructed on campus.
In October 2012, insurance premiums at CWC reached about $193,000. This year, the number will go up by almost 7 percent, to almost $207,000.
"It looks like a big jump," said Ron Granger, CWC's vice president for administrative services. "I want to explain that a little."
After considering changes to CWC's inventory this year, Granger said the cost for insurance has only gone up 1.8 percent --less than the anticipated 2 percent to 3 percent increase.
First, he pointed out that CWC is now insuring the 52,000-square-foot Health and Science Center, which cost more than $18 million to build.
"We didn't have (that) last year," he said.
The school also acquired almost $5 million in equipment this year, for health and science instruction and for television and radio classes, Granger said. As a result, CWC's commercial property insurance rate alone went up 9.7 percent, from about $100,300 last year to about $110,000 this year.
Considering the increase in property, however, Granger said the cost for coverage per $100 insured stayed the same.
"The interest rate didn't change," he said. "It's the same we paid last year."
Another large increase was to commercial auto insurance, which cost about $13,000 last year. This year the price is up 22 percent to about $16,000, also because of purchases, Granger said.
"We bought a new bus --a $150,000 bus --and three other vehicles," Granger said.
Combined, the other vehicles cost about $90,000, according to Granger's memo to the CWC Board of Trustees in September.
The cost for broadcaster liability insurance went up 11 percent this year, from $4,800 to $5,300. Granger said the increase is because of more exposure in the broadcasting department.
Ruby Calvert, general manger for Wyoming PBS, said her organization finished adapting its production truck last year.
"So that would've gone partly to the increase," she said.
Calvert added that WPBS reimburses CWC for insurance costs.
CWC also pays for general liability insurance, umbrella liability insurance, crime insurance, educators liability insurance, health care professional insurance and board member and volunteer insurance.
Some of the premiums for those items went down this year. For example, general liability, or employees benefit liability, went down 6.9 percent, from $24,900 last year to $23,200 this year. Umbrella liability also fell, by .6 percent, from $8,058 to $8,006.
Crime coverage is up 2.3 percent, from $1,370 last year to $1,400 this year; educator liability is up 6 percent, from $35,700 last year to $37,800 this year; health care professional insurance is up .3 percent, from $4,760 to $4,770; and board member and volunteer coverage stayed the same at $350.
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