The School Board of Sarasota County is self insured for Workers' Compensation on the first $750,000 per claim.  The Workers' Compensation Specific Excess Insurance Policy assures that the school district is protected against catastrophic losses by having an insurance policy cover the amount from $750,000 to $25 million dollars per claim.  The current policy with Continental Casualty Company (CNA) expires on June 30, 2006, and costs 62.9 cents per $1,000 of coverage.  The new policy is with Midwest Employers Casualty Company and will cost only 58.7 cents per $1000 of coverage, which is a reduction of 6.71%.  The basis of the coverage is the payroll cost during the 2006-07 fiscal year, which is being estimated at $251,358,564.  The premium payments will initially be based upon the original payroll estimate and the final cost will be based upon the actual final payroll cost for the fiscal year.  It is estimated that the premium will cost approximately $147,547.

That the School Board of Sarasota County approve the purchase of the Workers' Compensation Specific Excess Insurance policy from Midwest Employers Casualty Company at the rate of 58.7 cents per $1,000 of payroll for the 2006-07 fiscal year effective July 1, 2006, as presented.

EARLEY & MONSON