Sarasota County Schools
Agenda Item #31
Title
APPROVAL FOR RENEWAL OF THE PROPERTY INSURANCE PROGRAM EFFECTIVE MAY 1, 2017 THROUGH MAY 1, 2018
Description
The renewal will allow the district to remain at the $125 million policy limit, increase multiple sub-limits, lower the named storm deductible cap and continue to provide a Stand-Alone Terrorism Policy. The total annual cost [premium + regulatory + Stand-Alone Terrorism Policy] is $2,396,451.08. This represents a property policy rate decrease of 8.21% and a 24.76% terrorism rate decrease. The overall premium increase of $102,000 is due to the increase in the construction costs per square foot for the insured property. Property insurance premiums are paid by the local Capital Improvement Fund.
Recommendation
That the property insurance renewal effective May 1, 2017 through May 1, 2018 be approved by the Board as presented.
Contact
BOWDEN & CORCORAN/PETERSON
Financial Impact
N/A
Attachment: Property Renewal 05_01_17 with attachments.pdf