Last fiscal year there was a property insurance crisis and the School Board of Sarasota County renewed its property insurance on the June 6, 2006 Board Agenda with an effective date of July 1, 2006 through June 30, 2007.  Because of the volume of renewals effective on July 1, a shortage of insurance capacity came into play and the school district was able to obtain its insurance at a total cost of $3,315,865, for an insured loss limit of $47.5 million with the school district assuming $17.5 million, for a combined total of $65 million.  This year the recommendation is for our policy year to be moved to an earlier renewal date in order to avoid a renewal during the hurricane season with the possibility of higher premiums.   The premium this year for the coverage was $3,107,500, and the renewal for the same coverage is $2,773,859.  Since the current property insurance is being terminated earlier, a return premium of $446,433, will be due the district.  An additional 1% assessment is due the State of Florida in the amount of $27,739, and this is in lieu of the additional Citizen's Property Insurance assessment that was paid for the current year in the amount of $208,365.  In summary, the total reduction for property insurance is $514,267. 

#39-That the property insurance renewal effective May 1, 2007 through April 30, 2008, be approved as presented. 

LEMPE & MONSON