e|agenda.NET Sarasota County Schools |
THE SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA Landings Administrative Complex 1980 Landings Blvd. 3:00 P. M. |
Agenda Item #33 Title RENEWAL OF PROPERTY INSURANCE EFFECTIVE MAY 1, 2008 THROUGH APRIL 30, 2009 Description The district was presented with three (3) renewal options. The first option attempted to duplicate the expiring program with a $47,500,000 insured loss limit and the second option offered a $100,000,000 insured loss limit. Option #3 is a compromise between the two that provides an insured loss limit of $70,000,000 at a total cost of $2,676,500 (premium + regulatory charges). It is recommended that the School Board approve Option #3 with a total cost of $2,676,560 ($2,650,000 premium + $26,560 regulatory charges). It is the best compromise between expanded coverage and pricing that is within budget. The selection of Option #3 will allow the district to purchase 47.37% higher loss limits with a 4.47% reduction in premium. The district will no longer participate (self-fund) in the primary and secondary layers, which will result in lower cost in the event of a major property loss. Recommendation That the property insurance renewal effective May 1, 2008 through April 30, 2009, be approved as presented. Contact CORCORAN & PALMER Financial Impact $123.859 savings Attachment: Property Renewal 05_01_08.pdf |