e|agenda.NET Sarasota County Schools |
THE SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA Landings Administrative Complex 1980 Landings Blvd. 3:00 P.M. |
Agenda Item #20 Title RENEWAL OF PROPERTY INSURANCE PROGRAM EFFECTIVE MAY 1, 2012 THROUGH MAY 1,2013 Description The renewal duplicates the expiring program with a $70,000,000 insured loss limit and with the same policy terms and conditions as the expiring program. The total annual cost [premium + regulatory fees] is $3,216,951.93. This represents a premium increase of $829,063 or 35.81% from the existing program. The primary reasons for the large increase in premium are pricing increases for reinsurance treaties and significant natural catastrophe losses (approximately $50 billion for reinsurers and $100 billion for insurers in 2011). Recommendation That the property insurance renewal effective May 1, 2012 through May 1, 2013 be approved as presented. Contact WHITE & CORCORAN Financial Impact $3,216,951.93 Attachment: 4-17-12 SB Agenda Property Ins Renewal 1-1-12.pdf |