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|April 25, 2023 Board Meeting|
Renewal of the District' Property, Boiler/Machinery, and Terrorism Sabotage Insurance Policies
Consent w/o Information - 04/25/2023
The Acting Interim Superintendent requests authority to bind the district’s property, boiler/machinery, and terrorism/sabotage insurance policies on or before April 25, 2023, for a total of $8,892,740. The renewal is 47.7% or $2,872,886 more than the district paid in 2022 for the same coverage due to the current market trends in addition to 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.
Grant the Acting Interim Superintendent authority to bind the School Board’s property, boiler/machinery, and terrorism/sabotage insurance policies as of April 25, 2023, for a total of $8,892,740.
|Authority for Action|
|Involves Expenditure of Funds Directly in the Classroom|
Source of Funding
Legal Counsel Review
Antonia Scipio, Director, Office of Employee Benefits and Management, ext. 11620 Cindy Lesinski, Chief Financial Officer, ext. 11600
2023 Property Renewal Exec. Summary 3.29.23.pdf