During the worldwide insurance crisis of the 1980s, the North Carolina School Boards Trust (NCSBT) was formed to provide necessary coverages and risk management services to school districts in North Carolina. At that time, many districts were unable to obtain insurance in the commercial insurance market, at any price. Since that time, NCSBT has provided school districts with an alternative to commercial insurance as a way of protecting the risk exposures of their school districts. NCSBT is a member-funded, member-managed risk management program and is governed by a board of trustees comprised of board of education members from across North Carolina.
In 1982, the first NCSBT program was created, the NCSBT Workers’ Compensation Fund, to provide workers’ compensation coverage to participating school districts for their locally and federally funded public school employee workers’ compensation exposures.
In 1986, NCSBT formed its Errors & Omissions/General Liability Fund. Through that Fund, NCSBT provides liability coverage to school districts for various general liability and school board legal liability exposures of the district, while allowing the school board to preserve its immunity to state tort and negligence claims. This program also provides an excess no fault medical expense reimbursement coverage that extends to school guest and student accidental injury claims for injuries occurring on school campuses.
And finally, in 1997, the NCSBT Automobile/Inland Marine Fund was created to provide non-yellow bus automobile liability and physical damage coverage to participating members. Coverage is also provided for authorized yellow school bus uses that are not subject to the North Carolina State Tort Claims Act. This Fund also provides members with inland marine coverage for their miscellaneous scheduled equipment.