The Superintendent requests authority to bind the district’s property, boiler/machinery, and terrorism/sabotage insurance policies on or before April 25, 2021 for a total of $5,444,766.  The renewal is 10.17% or $502,721 more than the district paid in 2020 for the same coverage due to the insurance industry losses associated with hurricane, fire, and other related global property losses this past year.  The property insurance policies covered the district for all perils except the peril of named windstorm up to $100,000,000 subject to a $100,000 deductible.  In the event of a named windstorm loss, these policies will provide the district up to $85,000,000 in coverage subject to a 2% replacement value deductible for each building damaged.  This policy also includes a maximum windstorm loss deductible of $10,000,000.  Should the district sustain name windstorm losses exceeding the $10,000,000 limit then the policies will cover the full amount of the loss up to $85,000,000.  The boiler/machinery policy covers the district for all property losses that may occur from an event up to $50,000,000 subject to a $25,000 deductible.  The terrorism/sabotage policy covers all terrorism (foreign and domestic) related losses excluding active shooter related losses up to $50,000,000 subject to a $100,000 deductible.   

Grant the Superintendent authority to bind the School Board’s property, boiler/machinery, and terrorism/sabotage insurance policies as of April 25, 2021 for a total of $5,444,766. 

 Source of Funding