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April 18, 2023 Board Meeting
Agenda Item 26.
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| | | | | | | | Title
APPROVAL FOR RENEWAL OF THE PROPERTY INSURANCE PROGRAM EFFECTIVE MAY 1, 2023 THROUGH MAY 1, 2024
Description
The renewal provides for full coverage for the first $50 million of insured losses, with District self-insuring a percentage of losses exceeding $50 million. The policy limit will be $75 million. The deductible remains at $100,000 and the wind deductible will increase from 3% with a $10M cap to 5% with no cap. The program will continue to provide a stand-alone terrorism policy, equipment breakdown and flood policy. The flood policy is for Woodland Middle School. The total annual cost (premium + fees + stand alone terrorism policy + flood policy) is $5,929,367. This represents an overall increase of 36.8%.
Recommendation
That the property renewal effective May 1, 2023 be approved by the Board as presented.
Contact
DUMAS & PETERSON
Financial Impact
$5,929,367
Strategic Plan Reference
Goal: 5 Strategy: 1 |
| ATTACHMENTS: | | Description | Upload Date | Type | | Renewal | 4/7/2023 | Cover Memo |
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