05-27-2014 Special School Board Meeting
Agenda Item #39


Title
School Board's Casualty Insurance Policy Renewal

Discussion

The School Board's casualty insurance policies are set to expire on June 30, 2014. We are currently negotiating new policies to replace the expiring policies. We do not anticipate negotiations for these policies will be completed before the June 10, 2014 Board meeting and the new policies will need to be bound before the Board's only meeting in July. Due to this timing dilemma, we ask that you grant the Superintendent the authority to bind the renewal policies based on the range of policy pricing  as found in the attachment. For the 2013-14 fiscal year, we procured casualty policies at a cost of $553,697. We anticipate the 2014-15 casualty policy renewal range to be between $553,697 and $581,382. We hope to renew policies with similar terms and deductibles as are currently in place, but due to the loss of insurance carriers in the casualty marketplace we may need to consider different terms and deductibles. We will inform the Board of any new terms, deductibles, and pricing as soon as these are known.



Recommendation

To grant the Superintendent authority to bind the School Board's Casualty insurance policies in an amount not to exceed $581,382 on or before July 1, 2014.



Meeting Date(s)
Information - 5/27/2014
Consent after Information6/10/2014

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
14/15UndeterminedYes10098550011647900323000
14/15UndeterminedYes10098550011647900324000
14/15UndeterminedYes71398550010027500779000

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


Attachment:  2014-15 Casualty Insurance Cost Projection.pdf