In 1967, the Kemper Insurance Group outbid nine other companies for the policy to cover Indianapolis' 123 schools against fire, vandalism and other risks. The school board paid its $126,000 annual premium and had only one major claim—$101,000 for windstorm damage. Last week the board was searching for new coverage. Kemper announced that after the Indianapolis policy expires on March 1 it will not be renewed.
Company spokesmen contended that Kemper had no choice. To reduce its own risks, the company had passed on 75% of the $576 million policy to a pool of 15 other insurance firms. Because of growing vandalism...
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