e|agenda.NET
Sarasota County Schools
THE SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA Landings Administrative Complex 1980 Landings Blvd. 3:00 p.m.
April 16, 2013 Board Meeting
Agenda Item #36


Title
APPROVAL FOR THE RENEWAL OF PROPERTY INSURANCE PROGRAM EFFECTIVE MAY 1, 2013 THROUGH MAY 1, 2014

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, except for flood deductibles within Special Flood Hazard Areas (SFHA).  This deductible will now be applied per building, instead of per location, as in the previous policy.  This is an industry wide change.  The total annual cost [premium + regulatory fees] is $3,567,923.  This represents a premium increase of $342,379 or 10.89% from the existing program.  The increase in premiums is due to an increase in the total insurable values of property in the District going up from $1.286 billion to $1.356 billion, a 5.39% increase and a rate increase of $.0128 per $100 of insurable values or 5.22%.  Property insurance premiums are paid by the Local Capital Improvement Fund.



Recommendation
That the property insurance renewal effective May 1, 2013 through May 1, 2014, be approved by the Board as presented.

Contact
WHITE & CORCORAN

Financial Impact
N/A


Attachment:  4-16-2013 SB Agenda Property Ins Renewal 05-01-2013.pdf