DEPARTMENT: Pre-K 4 SA
DEPARTMENT HEAD: Kathy Bruck, CEO
SUBJECT:
Property, Casualty, Director and Officers insurance for Education Centers
SUMMARY:
Staff briefing and possible Board ratification of the recommended insurance company, Markel American Insurance Company, for Property, Casualty, Director and Officers insurance for the North, South, East and West Education Centers with a total premium of approximately $50,214.00 [Kathy Bruck, Pre-K 4 SA CEO]
BACKGROUND INFORMATION:
The Memorandum of Understanding (MOU) that Pre-K 4 SA maintains with the seven participating school district requires that Pre-K 4 SA uphold a third-party insurance policy to cover the following areas:
· Worker's Compensation
· Errors and Omissions
· Directors' and Officers' Liability
· Commercial General Liability
· Abuse & Molestation Liability
· Automobile Liability
· Program Consultants
· Excess Umbrella Liability
On April 8, 2013 Pre-K 4 SA entered into a contract with insurance broker McGriff, Seibels, and Williams. During the June 26, 2013 meeting, the Board approved for Pre-K 4 SA to purchase insurance from Markel American Insurance Company for the North and South Education Centers with a total premium of approximately $44,050.00.
ISSUE:
In July 2014 Broker McGriff, Seibels, and Williams provided staff with a quote for insurance by Markel with a total premium of $50,214.00. The package includes coverage for simplified commercial property, commercial general liability, educators legal liability, hired/borrowed auto coverage, non-profit D&O liability, excess liability coverage and student accident coverage, all of which meet the requirements as listed in the 2014-2015 MOU.
FISCAL IMPACT:
Funds in the amount of $50,214.00 are budgeted and available in the FY 2015 Pre-K 4 SA Operating Fund as approved by the Corporation's Board of Directors.
RECOMMENDATION:
Staff recommends the Board ratify the purchase of required insurance from the recommended company, Markel American Insurance Company, for Property, Casualty, Director and Officers Insurance for the North, South, East and West Education Centers with a total premium of approximately $50,214.00.