06-17-2008 Regular School Board Meeting
Agenda Item #17


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, 2007 was $695,932.  We anticipate the renewal for these policies between the ranges of $695,115 to $733,210.  We anticipate that the casualty related policies will require the district to carry similar deductible terms as last year.  

 

Coverage

 Deductible Per Claim

 2007-08 Expiring Premium

 2008-09 Low-End Renewal Projection

 2008-09 High-End Renewal Projection

Excess WC, AL, and GL

 $    500,000

 $                468,640

 $                  468,640

 $                  482,700

School Leaders E&O

 $    250,000

 $                175,219

 $                  165,219

 $                  180,000

Boiler & Machinery

 $      25,000

 $                  23,060

 $                    22,438

 $                    25,695

Fidelity/Crime Insurance

 $      25,000

 $                  12,161

 $                    11,500

 $                    12,800

Under and Above Ground Tank

 $        5,000

 $                    7,653

 $                      7,653

 $                      8,250

Cat. Student Accident

 $      25,000

 $                  11,548

 $                     9,700

 $                    11,800

Total Premium

 N/A

 $                698,281

 $                  685,150

 $                  721,245

Hurricane Fund Assessment 1%

 N/A

 N/A

 $                      9,965

 $                    11,965

Grand Total

 N/A

 $                695,932

 $                  695,115

 $                  733,210

 



Recommendation

Grant the Superintendent authority to bind the School Board's Casualty Insurance policies in an amount not to exceed $733,210 on or before July 1, 2008.



Meeting Date(s)
Information - 5/27/2008
Consent after Information6/17/2008

Authority for Action
Board Policy 8710

Involves Expenditure of Funds Directly in the Classroom
Yes

Source of Funding
Operating - Other
Other Sources

FY
Amount
Budgeted
Fund
Cost Center
Project
Function
Object
Program
07/08UndeterminedYes10098550011647900323000
07/08UndeterminedYes10098550011647900324000
07/08UndeterminedYes71398550010027760779000

Contact

Mark Langdorf - Ext 620

Judy Preston - Ext 600