04-08-2014 Regular School Board Meeting
Agenda Item #39


Title
School Board Property Insurance Policy Renewal

Discussion

The request to grant the Superintendent authority to bind is necessary as the Board's property insurance policies will expire on April 25, 2014. At the present time, we do not have the final price for the renewal, and we may not have the final price until April 25, 2014. Should our negotiations and final price be complete before the April 22, 2014 Board meeting, the final premium price will be presented at that time. Last fiscal year, the School Board was able to procure policies with sixteen (16) insurance carriers divided into five (5) separate layers of coverage for a total premium cost of $4,821,139. These policies include a $100,000 deductible for all perils except named windstorm. In the event of a loss, these policies would pay up to a maximum of $100,000,000 for all perils except named windstorm or hurricane which carry a maximum payment of $70,000,000.



Recommendation

To grant the Superintendent authority to bind the School Board's Property insurance and Boiler/Machinery policies as of April 25, 2014 up to a maximum premium of $4,820,601. No policies in excess of $4,820,601 will be bound without Board approval. If additional premiums should be required, they will be presented at a future board meeting.



Meeting Date(s)
Information - 4/8/2014
Consent after Information4/22/2014

Authority for Action
Board Policy 8710

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$4,821,139.00Partial10098550011647900322000

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