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Human Resources
Action Item
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DATE: Tuesday, July 11, 2006
TO: School Board Members
FROM: MaryEllen Elia, Superintendent
SUBJECT / RECOMMENDATIONS
Approve Purchase of Excess Worker’s Compensation Insurance.
EXECUTIVE SUMMARY
The School District is self-insured for Worker’s Compensation and Liability Claims. Each year, Excess Worker’s Compensation insurance is purchased to protect the School District’s self-insured fund from individual catastrophic claims. This coverage is provided by State National Insurance and pays amounts in excess of $500,000 per claim. In addition, this policy provides General Liability covered in the amount of $1,000,000 with $1,000,000 self insured retention (SIR). Exhibit A outlines deductible and premium history, and a cost comparison of quotes is outlined in Exhibit B. The quote for coverage is based on a fixed premium of $696,875.
ANNUAL DISTRICT GOAL(S) AND CRITICAL SUCCESS FACTOR(S)
N/A
FINANCIAL IMPACT (Budgeted: Yes)
Excess Worker’s Compensation Insurance is $696,875 -- reflecting an estimated reduction of $124,768 to be paid from the District’s Self-Insured Workers’ Compensation Fund.
EVALUATION
SUBMITTED BY:
Glen A. Lathers, Manager of Safety and Risk Management
Glen A. Lathers
Manager of Safety and Risk Management
872-5263
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Daniel J. Valdez
Deputy Superintendent
272-4166
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3.05
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Hillsborough County Public Schools (Florida) * Mtg.#20060711_179 * Section E Item# 3.05
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