Sarasota County Schools
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