Agenda Item #20
Above Ground and Underground Fuel Storage Tank Insurance Policy
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.
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.
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
Source of Funding
Operating - Other
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