Cranbury school district will receive money from a New Jersey insurance fund for damage from Superstorm Sandy, according to representatives of the School Alliance Insurance Coverage Fund.
The district is a member of SAIF, which recently received $5 million from Lexington Insurance Co. as a prepayment for losses that could eventually total $20 million statewide, according to Stephanie Voorhees, SAIF chairwoman.
“The schools desperately need these funds,” said Voorhees. “This is by far the most catastrophic damage we’ve ever seen in New Jersey. Our hearts go out to all the schools, children, teachers and parents impacted by Sandy. A lot of work needs to be done, and we’re happy to be part of the rebuilding effort.”
Checks will be distributed beginning Dec. 1, and Cranbury school district could be reimbursed up to $10,000 for food spoilage, which occurred during the power outage as a result of Sandy.
Vorhees said the final figures will be based on inspections from insurance adjustors, who are working overtime to check claims for damaged roofs, solar panels, school equipment and grounds, as well as flood losses and food spoilage.
“[Prepayment] is negotiated, but in large losses like this across the State, insurance companies like to show good will,” said Chuck Hartsoe, SAID administrator.
Schools earmarked for reimbursements are part of the 144-member SAIF organization, based in West Windsor, which covers every county in the state.
According to Voorhees, the fund has been offering lower insurance rates to selected school districts with excellent insurance records for more than 15 years.