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Meeting Date:
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6/24/2021 - 6:00 PM
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Category:
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Consent Agenda
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Type:
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Action
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Subject:
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Annual Renewal of District Insurance Portfolio
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District Goals:
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Goal 1 Thriving Students Goal 2 Engaged Community Goal 3 Empowered Staff
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Enclosure
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File Attachment:
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Summary:
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Each year Administration evaluates the District Insurance Portfolio to assess opportunities for cost savings and/or to address coverage gaps. As such, Administration advertised an RFP for Property and Crime Coverages for FY 2021-22. The RFP closed on May 26, 2021. Our current carrier, Texas Political Subdivisions (TPS) was the only respondent. There is a significant increase in cost, but also a significant increase in the value of property insured. The proposed renewal premium for FY 2021-22 is $844,675, while the expiring premium from FY 2020-21 was $510,338, reflecting an increase of $334,337. The value of District property insured increased $97,402,498 from FY 2020-21 ($383,033,278) to FY 2021-22 ($480,435,776) primarily as a result of the new Maintenance Facility and the new CTE Center.
Automobile and School Liability Coverage for FY 2021-22 is $150,566.
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Budgetary Impact:
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FY 2021-22 Property and Crime Coverage, $844,675
FY 2021-22 Automobile and School Liability Coverage, $150,566
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Recommendation:
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Administration recommends approval of the FY 2021-22 District Insurance Portfolio as presented.
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Approvals:
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Recommended By:
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Signed By:
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Leon Fisher - Executive Director
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Signed By:
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Michael McFarland - Superintendent
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Vote Results:
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| Original Motion | | Member Nedra Robinson Moved, Member Ryan Ray seconded to approve the Original motion 'Administration recommends approval of the FY 2021-22 District Insurance Portfolio as presented.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 5 Nay: 0. | | The motion Carried 5 - 0 | | | | | June Davis | Yes | | Mia Hall | Yes | | Gary Grassia | Yes | | Lyndsae Benton | Yes | | Nedra Robinson | Yes | |
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