The Risk Management Department has coordinated the renewal of property and liability insurance. Property insurance markets typically provide firm property insurance coverage just before the July 1st renewal date.

The renewal for the School Board of Manatee County Liability, School Leaders E&O, excess workers compensation and student accident insurance for the 2007/08 fiscal year is:

Coverage	2005/2006	2006/2007	2007/2008
Liability	$86,000	$91,350	$222,200
School Leaders E&O	$100,013	$100,013	Included In Liability
Crime	$13,000	$14,000	$13,720
Cyber Risk	$17,000	$17,940	$17,837
Excess Workers Compensation	$127,019	$144,148	$130,281
Health Occ Student Accident	$9,500	$9,500	$9,500
Total	$352,532	$376,951	$393,538

The renewal for the School Board of Manatee County property insurance for the 2007/08 fiscal year is substantially less than the cost in 2006/07:

Item	2005/2006	2006/2007	2007/2008 Recommendation
Deductible	$2,000,000	5% of Damaged Values with $2,000,000 minimum	5% of Damaged Values with $2,000,000 minimum
Limit	$150,000,000 Each Occurrence	$30,000,000 Each Occurrence	$30,000,000 Each Occurrence
Premium	$1,727,041	$3,529,345	$2,209,135
Citizens Assessment	$0	$236,870	$22,092
Broker Fee	$125,000	$125,000	$125,000
Total Property Premium	$1,852,041	$3,891,215	$2,356,227

In addition flood insurance will increase from the current level of $5 million to $20 million of coverage in 2007/08.

Motion and approval to procure Property, Liability, Workers' Compensation and Student Accident Insurance for the 2007/08 fiscal year.

The cost of the property, liability, workers compensation and student accident insurance for the 2007/08 fiscal year is $2,749,765 ($393,538 and $2,356,227) and is included in the budget.

Risk Management

FB

06/25/07