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April 5, 2022 Board Meeting
Agenda Item 36.
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| | | | | | | | Title
APPROVAL FOR RENEWAL OF THE PROPERTY INSURANCE PROGRAM EFFECTIVE MAY 1, 2022 THROUGH MAY 1, 2023
Description
The
renewal provides full coverage for the first $75 million of insured losses,
with the District self-insuring a percentage of losses exceeding $75
million. The District will retain additional risk for All Perils, Named
Storm, Flood and Earthquake losses exceeding $75 million. The policy
limit will remain at $125 million ($99,083,333 for All Perils, Named Storm,
Flood and Earthquake). The deductible remains at $100,000 and the wind
deductible remains at 3% with a $10 million cap. The program will continue to
provide a Stand-Alone Terrorism policy, Equipment Breakdown and a new flood
policy. The new flood policy is due to FEMA map changes with Woodland
Middle School now located in Flood Zone AE and considered a Special Flood
Hazard Area. The total annual cost [premium + fees + Stand-Alone
Terrorism policy + Flood policy] is $4,334,365. This represents an
overall increase of 14.01% to the property insurance program.
Recommendation
That
the property renewal effective May 1, 2022 be approved by the Board as
presented.
Contact
DUMAS & FOSTER/PETERSON
Financial Impact
$4,334,365
Strategic Plan Reference
Goal: 5 Strategy: 1 |
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