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District Wide Insurance Update June 25, 2007

District Wide Insurance Update June 25, 2007. General Liability, Automobile, and Legal Liability Insurance July 1, 2007 – June 30, 2008 Current Insurance Rates. General Liability $ 65,895 Automobile $ 82,046 Legal Liability $ 23,545 Total $171,486. General Liability.

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District Wide Insurance Update June 25, 2007

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  1. District Wide Insurance Update June 25, 2007

  2. General Liability, Automobile, and Legal Liability InsuranceJuly 1, 2007 – June 30, 2008Current Insurance Rates General Liability $ 65,895 Automobile $ 82,046 Legal Liability $ 23,545 Total $171,486

  3. General Liability • No deductible • $500,000 each occurrence • $1,000,000 aggregate per location

  4. Automobile Liability • $500 deductible per accident, except buses • $1,000 deductible per accident for buses • $500,000 limit per occurrence

  5. Legal Liability • Also known as E&O for employees, staff members, member of the board of trustees for a wide variety of non-bodily/non-property damage claims against the school district.

  6. Quotes Renewal from Stewart Sneed Hewes for Zurick and RSUI: $164,449 Second quote from SSH from United Standard: $177,235 MSBA P&C Trust: $184,868

  7. Recommendation • Recommend accepting renewal quote from Stewart Sneed Hewes with Zurick and RSUI for $164,449. This is a $7,037 decrease from last year’s premium.

  8. Other Lines of Insurance Renewal Dates and Bid Schedule

  9. Property Insurance • Currently, our property insurance is with Stewart Sneed Hewes and underwritten by MWUA, Rockhill Wind, and North America Specialty. The District’s property is valued at approximately $181,512,915. • Current premium: $1,428,375 • Renews: 9/29/07 and 10/01/07 • Bids will be released: 7/16/07 • Bids will be received: 8/13/07 • Bids will be given to the Board: 8/27/07 • Recommendation and action taken: 9/17/07

  10. Workers Compensation • Currently, our Workers Compensation insurance is with the Mississippi School Boards Association Workers Compensation Trust. • Current premium: $249,867 • Renews: 10/01/07 • Bids will be released: 7/16/07 • Bids will be received: 8/13/07 • Bids will be given to the Board: 8/27/07 • Recommendation and action taken: 9/17/07

  11. Crime Policy • Currently, our Crime Policy is with Stewart Sneed Hewes and underwritten by Fidelity & Deposit. • Current premium: $2,773 • Renews: 10/01/07 • Bids will be released: 7/16/07 • Bids will be received: 8/13/07 • Bids will be given to the Board: 8/27/07 • Recommendation and action taken: 9/17/07

  12. Public Official Policy • Currently, our Public Official Bonds are with Stewart Sneed Hewes and underwritten by Hartford and Fidelity & Deposit. • Current premium: $3,825 • Renews: 1/9/08 • Quotes will be received: 11/19/07 • Recommendation and action taken: 12/10/07

  13. Property Insurance for Modular Units • Currently, our Property Policy is with Stewart Sneed Hewes and underwritten by MWUA . The District’s modular property is valued at approximately $9,441,703. • Current premium: $47,027 • Renews: 03/15/08 • Bids will be released: 1/08 • Bids will be received: 2/08

  14. Flood Insurance • We have 53 locations covered with Flood insurance through NFIP. • Current premium: $64,712 • Renews: 06/08 • Bids will be released: 04/08 • Bids will be received: 05/08 • Recommendation and Board action: 06/08

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