Unchartered Waters – Navigating Insurance as a Charter School

About the Webinar:

In this session, Ismary Cardoso guided participants through the complex world of insurance and risk management for charter schools, focusing on the most common coverage requirements, potential pitfalls, and best practices. With EGIS representing over 300 charter schools in Florida, Cardoso shared practical insights into how schools can protect themselves financially and operationally from unforeseen events. She reminded leaders that insurance is not just a compliance requirement but an essential safeguard against delays, unexpected costs, and even school closures.

A major portion of the presentation addressed coverage requirements that vary across districts and leases, including general liability, property, auto, cyber, and crime coverage. Cardoso explained that districts often update requirements at renewal, meaning schools must regularly review policies with their agents to stay compliant. She also highlighted problematic coverages such as business income insurance, which lenders frequently demand at high limits but may not match the school’s actual risk profile. Instead, she advised schools to consider “additional expense” coverage, which more directly addresses the real costs of continuing operations after an incident.

Cardoso also explored often-overlooked areas, including tenant improvements and betterments, flood insurance, sexual abuse and molestation coverage, and umbrella policies. She cautioned that schools can be left exposed if they fail to insure expensive improvements or assume playgrounds and sports courts are automatically covered. Similarly, while umbrella policies can provide peace of mind, they can also make schools a bigger legal target. She urged leaders to weigh the risks carefully and ensure vendors, contractors, and service providers carry their own adequate insurance, including sexual abuse coverage when they work directly with students.

Finally, the session covered growth planning and risk transfer strategies. Cardoso reminded schools that insurance costs scale with enrollment, staffing, and facilities, so leaders must budget for higher premiums as they expand. She encouraged schools to use their insurer’s risk management resources—such as safety training and site inspections—to minimize claims and reduce costs. The presentation concluded with practical advice on vendor agreements: always secure written contracts with indemnification clauses, additional insured status, and up-to-date certificates. By proactively managing insurance, Cardoso emphasized, charter schools can protect their finances, fulfill compliance obligations, and focus on serving students.