Approve the Purchase of the Quoted Excess Property Insurance Policy.

Hillsborough County Public Schools purchases insurance coverage for its excess property for loss due to perils such as fire, flood, windstorm, etc. This coverage renews on May 1, 2008. Coverage limits will be set at $250,000,000 ($100,000,000 more than last year). A revised excess property insurance history is captured in (Attachment A). Our deductible for named windstorm-flood 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 $207,450,593 to $3,045,645,349. A list of insurance companies contacted is included as (Attachment B). The excess property insurance premium will be $5,950,000 which is a 12 percent decrease for the 2008 renewal (Attachment C). There will be no self-insured gaps in the $250,000,000 insurance coverage. The Florida Hurricane Catastrophe Fund Fee has remained at 1 percent of premium as expiring. First Florida Insurers, Inc., the district’s Broker of Record, has recommended coverage in the amount of $250,000,000 with the Probable Maximum Loss for a 500-year storm of $254,000,000. 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, 2008, excess property quote is for $5,950,000, plus taxes and assessments of $59,500 (Attachment D) , which is a decrease in premium of $780,125 from May 1, 2007.

Contain costs for excess property insurance.

The excess property insurance premium of $5,950,000 in the 2007-2008 General Fund budget reflects a 12 percent decrease from the 2006-2007 budget. Excess property insurance is $5,950,000, plus taxes and assessments.

Yearly renewal.