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 #39 Title RENEWAL OF PROPERTY INSURANCE EFFECTIVE MAY 1, 2007 THROUGH APRIL 30, 2008 Description Last fiscal year there was a property insurance crisis and the School Board of Sarasota County renewed its property insurance on the June 6, 2006 Board Agenda with an effective date of July 1, 2006 through June 30, 2007. Because of the volume of renewals effective on July 1, a shortage of insurance capacity came into play and the school district was able to obtain its insurance at a total cost of $3,315,865, for an insured loss limit of $47.5 million with the school district assuming $17.5 million, for a combined total of $65 million. This year the recommendation is for our policy year to be moved to an earlier renewal date in order to avoid a renewal during the hurricane season with the possibility of higher premiums. The premium this year for the coverage was $3,107,500, and the renewal for the same coverage is $2,773,859. Since the current property insurance is being terminated earlier, a return premium of $446,433, will be due the district. An additional 1% assessment is due the State of Recommendation #39-That the property insurance renewal effective May 1, 2007 through April 30, 2008, be approved as presented. Contact LEMPE & MONSON Financial Impact $514, 267 savings Attachment: HRH PROP 4 Options 3-18-07.pdf Attachment: HRH Renewal Ltr 3_19_07.pdf Attachment: Policy Listing 2006-07.pdf Attachment: Policy Listing 2007-08.pdf Attachment: Prop Options Schematics 3-1.pdf Attachment: Property Renewal 05_01_07.pdf |