Agenda Item #19
School Board Property Insurance Policy Renewal
The district was able to negotiate and complete the property insurance, terrorism/sabotage, and boiler/machinery insurance policy process and obtain a final price for all of these coverages at $4,752,052.70 including all fees and costs. The renewal is $17,195.01 less than what the Board paid in 2014-15 even though the renewal provides the Board increased named windstorm coverage, a capped named windstorm deductible, and terrorism/sabotage insurance.
2. Terrorism/Sabotage Insurance: The policy covers the district for property damage and third party liability claims resulting from terrorist/sabotage activities excluding chemical, biological, radiological, or nuclear incidents up to a maximum limit of $50,000,000 in property damage and $50,000,000 in bodily injury for a total of $100,000,000 per incident subject to a $100,000 deductible.
3. Boiler/machinery Insurance: The policy covers the district for all property losses that may occur as the result of a boiler incident up to $50,000,000 subject to a $25,000 deductible.
Grant the Superintendent authority to bind the School Board’s Property, Terrorism, and Boiler/Machinery insurance policies as of April 25, 2015 at a premium of $4,752,052.70.
Information - 3/10/2015
Consent after Information4/14/2015
Authority for Action
Board Policy 8710
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: 2015-16 Agenda Item Authorization to Bind Coverage.pdf
Attachment: 2015-16 Agenda Item Property Insurance Renewal Results page.pdf
Attachment: 2015-16 Agenda Item Property Schmatic.pdf