HCPS FL Logo Human Resources
Action Item
DATE: Tuesday, April 21, 2015
TO: School Board Members
FROM: Jeff Eakins, Acting Superintendent
SUBJECT / RECOMMENDATIONS
Approve the Purchase of Excess Property Insurance and Property Appraisal Services
EXECUTIVE SUMMARY
Hillsborough County Public Schools purchases insurance for property coverage due to perils such as fire, flood, windstorm, etc. The coverage renews May 1, 2015, with limits set at $150,000,000. An excess property insurance history is captured in Attachment A.

The District began to self-insure $10,000,000 of the primary layer (for Named Windstorms Only), creating a savings of $6,550,000 to the District (Attachment B). For the renewal this year, the self-insured retention will remain at $10,000,000 of the primary layer (for Named Windstorms Only).

Our deductible for named windstorms (flood) remains at 5% with a minimum deductible of $250,000. The deductible for all other perils remains at $100,000. Our insured values have increased by $188,965,110 to $4,427,400,406; an increase of 4.5%. A list of insurance carriers contacted is included as Attachment C.

Executive Summary continued on first attachment.

STRATEGIC OBJECTIVES
• Align financial resources to support the districts strategic goals • Demonstrate best financial practices • Demonstrate "best practices" in all aspects of safety including students, employees, visitors, facilities, transportation, and health
FINANCIAL IMPACT (Budgeted:  Yes)
The annual 12 month excess property insurance premium of $6,349,944 (plus taxes and assessments) an $839,384 decrease from the 2014-2015 budget, based on the increased TIV at the expiring rate.  Appraisal cost of $181,260 plus $15,000 contingency.  The appraisal cost will be a one-time cost for this year only.
EVALUATION
Yearly renewal.
SUBMITTED BY: 
Glen A. Lathers   Stephanie F. Woodford
Director of Risk Management and Safety
(813) 872-5263
  Chief Human Resources Officer
(813) 272-4166
    A 4.08
Hillsborough County Public Schools (Florida) * Mtg.#20150421_688 (Board Meeting) * Section A Item# 4.08