05-26-2009 Special School Board Meeting
Agenda Item #45


Title
Renew the School Boards 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, 2008 was $711,718.  We anticipate the renewal for these policies between the ranges of $692,002 to $765,827.  We anticipate that the casualty related policies will require the district to carry similar deductible terms as last year.

 

Coverage

 Deductible Per Claim 

 2008-09 Expiring Premium 

 2009-10 Low-End Renewal Projection 

 2009-10 High-End Renewal Projection 

Excess WC, AL, and GL

$500,000

$492,340

$478,640

$510,700

School Leaders E&O

$250,000

$152,225

$150,219

$175,000

Boiler & Machinery

$25,000

$29,624

$27,438

$35,695

Fidelity/Crime Insurance

$25,000

$12,153

$11,500

$14,800

Under and Above Ground Tank

$5,000

$8,457

$7,653

$10,250

Cat. Student Accident

$25,000

$9,872

$9,700

$11,800

Total Premium

 N/A 

$704,671

$685,150

$758,245

Hurricane Fund Assessment 1%

 N/A 

$7,050

$6,852

$7,582

Grand Total

 N/A 

$711,718

$692,002

$765,827



Recommendation
To grant the Superintendent authority to bind the School Board's Casualty insurance policies in an amount not to exceed $765,827 on or before July 1, 2009.

Meeting Date(s)
Information - 5/26/2009
Consent after Information6/16/2009

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
08/09UndeterminedYes10098550011647900323000
08/09UndeterminedYes10098550011647900324000
08/09UndeterminedYes71398550010027760779000

Contact

Mark Langdorf - Director of Risk Management - Ext 616

Judy Preston - Associate Superintendent of Financial Services - Ext 600