e|agenda.NET Sarasota County Schools |
THE SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA Landings Administrative Complex 1980 Landings Blvd. 6:30 p.m. |
Agenda Item #31 Title APPROVAL FOR THE RENEWAL OF PROPERTY INSURANCE PROGRAM EFFECTIVE MAY 1, 2014 THROUGH MAY 1, 2015 Description The renewal modifies the expiring program by increasing the insured loss limit from $70,000,000 to $100,000,000 and removing all self-insured retention beyond the deductible to the $100 million limit. Policy coverages for multiple sub-limits have also increased as identified in the attachment. The total annual cost [premium + regulatory fees] is $3,183,905.03. This represents a premium decrease of $404,630 or 11.60% from the existing program. The decrease in premiums is due to a decrease in the total insurable values of property in the District of 2.166% and a rate decrease of 9.65%. Property insurance premiums are paid by the local Capital Improvement Fund.
Recommendation That the property insurance renewal effective May 1, 2014 through May 1, 2015, be approved by the Board as presented. Contact WHITE & CORCORAN Financial Impact N/A Attachment: Property Renewal 05_01_14.pdf |