TORRANCE, Calif. – August 19, 2014 – SEWUP, the Statewide Educational Wrap Up Program construction insurance joint powers authority, has announced a return of equity to its members of $1.2 million for the fiscal year ended June 30, 2014. SEWUP is a highly successful example of the ways in which California schools are innovating to bring greater value to taxpayers, communities and, most importantly, the students they educate.
As a result of SEWUP’s safety training and loss prevention approaches, the program has returned a total of more than $7 million in member equity. SEWUP has been maximizing the resources available for over $4 billion in education construction projects over the past 15 years. Through its unique structure as a member/owner-controlled joint powers authority, SEWUP has cost-effectively insured over 5,000 contractors and subcontractors on school building projects to help reduce construction costs and litigation.
“We are very pleased to extend our track record of program effectiveness and efficiency that brings significant administrative, legal and financial benefits to our member schools as they continue to face significant operating challenges,” said Chris Learned, SEWUP President and Associate Superintendent of Business Services for the Acalanes Union High School District.
Examples of return of equity to member school districts include:
Menifee Union School District
New elementary school; construction period December 2004 to December 2005; insurable project costs $10.4 million; equity savings return $182,836
Long Beach Community College District
Ten district projects insured under SEWUP from 2004 to 2006 including new child development center, ADA improvements, infrastructure improvements, water main relocation and modernization; insurable project costs $26.2 million; equity savings return $436,050
West Valley Mission Community College District
Mission College third floor modernization project; construction period December 2005; insurable project costs $3.4million; equity savings return $59,904
SEWUP is owned and governed by the public school and community college districts that utilize the program, instilling a culture of safety to protect the health and welfare of staff, students, contractors and the general public.
SEWUP provides its members with a comprehensive, safety-focused, risk-controlled and cost-effective construction insurance program for over 500 California education agencies. This includes providing districts with a risk transfer mechanism for construction risks that occur during a project and after its completion by replacing the contractors’ individual policies with unified insurance coverage and defense. This approach saves significant construction expenses by reducing disputes and litigation between multiple insurers on liability matters.
SEWUP is managed by Keenan, California’s largest privately held insurance brokerage and consulting firm. For information on SEWUP construction insurance programs for public education agencies, visit www.sewup.org or contact Colleen Bjerknes, Keenan JPA Account Manager, at firstname.lastname@example.org. For information on Keenan insurance brokerage and consulting programs, visit www.keenan.com.
The Statewide Educational Wrap Up Program (SEWUP) is as an owner controlled insurance program, otherwise known as an OCIP or Wrap Up. It is a consolidated construction insurance program to protect the district from the job-site risks of the general contractor as well as eligible contractors and sub-contractors of all tiers. For more information, visit www.sewup.org