Approve the purchase of the quoted property insurance policy with limits and deductibles as outlined for a quoted premium of $6,728,775, plus state surcharges as required (Attachment A). Also, there is an additional assessment from the state of Florida for Citizens Property Insurance Corporation of 1 percent for a total of $67,288 (Attachment B).

The School District of Hillsborough County purchases insurance coverage for its property for loss due to perils such as fire, flood, windstorm, etc. This coverage renews on May 1, 2007. Coverage limits will be set at $150,000,000 ($61,500,000 more than last year). A revised property insurance history is captured in Attachment C. Our deductible for named windstorm will be 5 percent. The minimum deductible remains at $1,000.000. The deductible for all other perils remains at $100,000. Our insured values have increased by $95,377,731 to $2,838,194,756. A list of insurance companies contacted is included as Attachment D. The School District will experience a 5 percent decrease in property insurance premium for the 2007 renewal. There will be no self-insured gaps in the $150,000,000 insurance coverage as existed last year.

The Citizens Property Insurance Assessment has also been reduced to 1 percent of premium. First Florida Insurers, Inc., the District’s Broker of Record, has recommended coverage in the amount of $150,000,000 with the Probable Maximum Loss of $183,000,000. The Florida Office of Insurance Regulation will be petitioned for validation that this amount meets the requirements for reasonable insurance coverage of the Stafford Act. The May 1, 2007, property quote is for $6,728,775, plus taxes and assessments, which is a decrease in premium of $600,529 from May 1, 2006.

Contain costs for property insurance.

The property insurance premium of $6,728,775 in the 2006-2007 General Fund budget reflects $600,529 decrease from 2005-2006 budget. Property Insurance is $6,728,775, plus taxes and assessments.

Yearly renewal.