Agenda Item #41
Renew the 2009-10 Property Insurance Policies
The actual rates for the property insurance policies will be presented as soon as negotiations with the insurance carriers are completed. During the 2008-09 fiscal year, the School Board procured policies covering $55,000,000 in values with (7) insurance carriers for a premium of $4,287,127. These policies included a 5% (replacement value) deductible for each building when the loss is due to a named windstorm. All other exposures such as fire and earthquake require a $100,000 deductible per incident. At the present time, we are continuing to negotiate the loss limit and amount of coverage. The district's total insurable values for property are $1,878,891,748. Though the property insurance market has seen slight price increases, we anticipate that our renewal will allow us to purchase $50,000,000 to $60,000,000 in insurance coverage with the same or similar deductible terms we had during the 2008-09 fiscal year.
To grant the Superintendent the authority to bind the School Board's property insurance policies as of April 25, 2009 for a premium not to exceed $4,287,127. This action is necessary as the district's property insurance policies will expire on April 25, 2009 and negotiations for the renewal of these policies will not be completed prior to the Board's March 24, 2009 meeting which is the last meeting the Board will hold before the district 2008-09 property insurance policies expire.
Information - 3/10/2009
Authority for Action
Board Policy 8710 - Insurance Florida Statute 1001.42(11)(d)
Involves Expenditure of Funds Directly in the Classroom
Source of Funding
Operating - Other
Mark Langdorf - Ext 616
Judy Preston - Ext 600
Attachment: 2009-10 Property Renewal Chart.pdf