A San Antonio, Texas-based insurer for public school districts and community colleges filed for chapter 9 bankruptcy on Wednesday, the San Antonio Express-News reported yesterday. The Texas Association of Public Schools Property and Liability Fund, also known as TAPS, sought protection in U.S. Bankruptcy Court in San Antonio, with more than 175 school districts from around the state listed as creditors, including Somerset, North East and Northside. TAPS is a self-insurance pool that provides property, legal liability and other types of coverage through a cost-sharing arrangement among its members, akin to a mutual insurance company. Its financial troubles have been a few years in the making. TAPS has experienced an “unprecedented number of claims across all lines of coverage, particularly in connection with large hail claims” in recent years, Chairman Ray Lanoux said in a message to members in its 2015-2016 annual report. TAPS reported assets of almost $5.6 million and liabilities of $8.5 million, giving it a negative net worth of almost $3 million.
