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 |