03-22-2011 Special School Board Meeting
Agenda Item #20


Title
Above Ground and Underground Fuel Storage Tank Insurance Policy

Discussion

The State Department of Environmental Protection (DEP) requires all fuel tank owner/operators to carry insurance for all above ground fuel storage tanks larger than 500 gallons and for underground fuel storage tanks larger than 110 gallons. The district has 15 above ground fuel storage tanks and 12 underground storage tanks that must be insured per DEP regulation. The quoted policy complies with DEP's regulation. In the event of an accidental release of diesel or gasoline, this policy will reimburse the district up to $1,000,000 of the district's clean up and remediation expenses.  The policy carries a $5,000 deductible for each accidental release. The current budget for this policy is $14,171.05.  This renewal requires an additional budget allocation of $853.77 in order to renew the policy as quoted at $15,024.82.



Recommendation

Renew the School Board's Under and Above Ground Fuel Storage Tank Third Party Liability Coverage Insurance policy effective March 24, 2011 for a premium cost of $15, 024.82.



Meeting Date(s)
Information - 3/8/2011
Consent w/o Information3/22/2011

Authority for Action
FL Dept. 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
10/11$14,171.05YES10098550011647900323000
10/11$853.77NO10098550011647900323000

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


Attachment:  2010-11 Ins. Policy, UST & AST - Proposal - ACE.pdf