05-25-2010 Special School Board Meeting
Agenda Item #15


Title
Renew the School Board's Casualty Insurance Policies

Discussion

The actual rate for the district's casualty insurance policies will be presented as soon as negotiations with the insurance carriers are completed. The total premium charge for policies commencing on July 1, 2009 was $642,672. We anticipate the 2010-11 renewal for these policies to be between the range of $639,018 to $689,971. We also anticipate the casualty-related policies will require the district to carry similar deductible terms as last year.

Coverage   Deductible Per Claim     2009-10 Expiring Premium     2010-11 Low-End Renewal Projection     2010-11 High-End Renewal Projection  
Excess WC, AL, and GL $500,000 $493,000 $490,000 $515,000
School Leaders E&O $250,000 $110,249 $105,500 $125,000
Faithful Performance Bonds   $200 $1,000 $1,500
Fidelity/Crime Insurance $25,000 $9,626 $11,500 $12,800
Under and Above Ground Tank $5,000 $7,653 $11,292 $12,000
Catastrophic Student Accident $25,000 $6,881 $4,749 $7,500
Total Premium

  N/A  

$627,609 $624,041 $673,800
Citizens Property Insurance Corporation (1.4%) $0 $8,787 $8,737 $9,433
Florida Hurricane Catastrophe Fund (1%) $0 $6,276 $6,240 $6,738
Grand Total

  N/A  

$642,672 $639,018 $689,971



Recommendation
To grant the Superintendent authority to bind the School Board's Casualty insurance policies in an amount not to exceed $689,971 on or before July 1, 2010.

Meeting Date(s)
Information - 5/11/2010
Consent after Information5/25/2010

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
07/08UndeterminedX10098550011647900323000
07/08UndeterminedX10098550011647900324000
07/08UndeterminedX71398550010027760779000

Contact

Mark Langdorf, Director of Risk Management, Ext. 620

Judy Preston, Associate Superintendent of Financial Services, Ext. 600