Sarasota County Schools
Agenda Item #26
Title
APPROVAL OF THE RENEWAL OF PROPERTY INSURANCE EFFECTIVE MAY 1, 2009 THROUGH APRIL 30, 2010
Description
The district was presented with two (2) renewal options. The first option attempted to duplicate the expiring program with a $70,000,000 insured loss limit and the second option offered a $55,000,000 insured loss limit with an annual premium near the expiring program.
Option #1 is the recommended renewal. The renewal duplicates the current $70,000,000 loss limit, but with a total annual cost [premium + regulatory fees] of $3,390,805. This is an increase of $714,253 over the expiring program.
Recommendation
That the property insurance renewal effective May 1, 2009 through April 30, 2010, which retains current loss limits, be approved as presented.
Contact
CORCORAN & PALMER
Financial Impact
$714,253 (Capital Funded)
Attachment: Policy Listing 2008_2009.pdf
Attachment: WillisHRH_Option #1.pdf
Attachment: WillisHRH_Option #2.pdf
Attachment: Property Renewal 05_01_09.pdf