In September 2002, OSBIE’s Subscriber’s Agreement was amended to provide separate insurance programs for joint venture entities involving school boards and other public entities. Although most joint venture programs are already being insured by each participant, there is an administrative advantage of carrying a separate policy for the entity. In addition to having one policy deductible applied to any losses, a separate invoice for the entity eliminates the need for internal calculations to determine the portion of each partner’s insurance premium to be allocated to the joint venture.
Subject to approval by the OSBIE Board of Directors, the following types of joint venture entities or consortiums are eligible for non-voting membership in the Liability, Property, Boiler, Crime and Fleet Automobile underwriting groups:
- Student transportation services operated/controlled by several school boards;
- Bulk purchase cooperatives for supplies and materials operated/controlled by several school boards;
- Buildings or facilities jointly owned/operated/controlled by two or more school boards;
- Buildings or facilities jointly owned/operated/controlled by one or more school board and one or more municipality;
- Buildings or facilities jointly owned/operated/controlled by one or more school board and one or more affiliated religious institution.
Ineligible entities include, but are not limited to the following:
- Charitable organizations or foundations;
- School Councils;
- Athletic Associations,
- Student Councils, any school clubs or ad hoc groups;
- Professional Associations
If you have any questions regarding Joint Venture coverage, please contact our office at 800-668-6724.