03-11-2014 Regular School Board Meeting
Agenda Item #15


Title
Storage Tank Liability Coverage Policy Renewal

Discussion

The State of Florida's Department of Environmental Protection requires gasoline and diesel fuel tank owners/operators to carry insurance for their tanks when the gallon capacity exceeds 550 gallons for above ground and 110 gallons for underground tanks. The District's policy covers 15 above ground and 12 underground fuel tanks from accidental spills.

The policy has a $5,000 deductible per occurrence and will cover the District for corrective action in the event of a fuel spill up to $1,000,000. The policy also covers bodily injury, third-party property damage, and legal defense expenses from a single fuel spill up to $1,000,000, with an annual aggregate of up to $2,000,000.

The current renewal premium for this policy is $16,527.10, which is a $527.78 increase over last year's premium of $15,999.32.



Recommendation

Approve the District's storage tank liability coverage policy effective March 24, 2014 in the amount of $16,527.10.



Meeting Date(s)
Consent w/o Information - 3/11/2014

Authority for Action
Florida Department of Environmental Protection Rule #62-761.900

Involves Expenditure of Funds Directly in the Classroom
No

Source of Funding
Operating - Other

FY
Amount
Budgeted
Fund
Cost Center
Project
Function
Object
Program
13/14$16,527.10YES10098550011647900323000

Contact
Mark Langdorf, Director of Risk Management, ext. 620
Judy Preston, Associate Superintendent of Financial Services, ext. 600


Attachment:  2014-15 UST-AST Policy.pdf