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File #: 15-4029   
Type: Staff Briefing - Without Ordinance
In control: Early Childhood Education Municipal Development Corporation Board of Directors
On agenda: 8/4/2015
Posting Language: Consideration to ratify the purchase of insurance coverage from Markel American Insurance Company for Pre-K 4 SA for a total annual premium of $105,558.00 exceeding the $100,000.00 limit approved during the May 19, 2015 Board of Directors meeting [Kathy Bruck, Pre-K 4 SA CEO]
Indexes: Pre-K 4 SA
Attachments: 1. Pre-K 4 SA Insurance Quote Comparison
Related files: 15-3037
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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DEPARTMENT: Pre-K 4 SA


DEPARTMENT HEAD: Kathy Bruck, CEO


COUNCIL DISTRICTS IMPACTED: City Wide


SUBJECT:

Insurance for Education Centers


SUMMARY:

This item requests Board consideration to ratify the purchase of Directors and Officers Liability Coverage in an amount exceeding the previously approved total cost of $100,000.00 for annual insurance premiums with an actual cost of $105,558.00.


BACKGROUND INFORMATION:

During the May 19, 2015 meeting, the Board of Directors approved for Pre-K 4 SA to purchase from the recommended insurance company, Markel American Insurance Company, insurance for Property, Casualty, and Directors and Officers insurance for the four Education Centers with a total premium of approximately $100,000.00. Actual property values, the number of expected students, and an increase in the budget resulted in a higher than expected cost for Directors and Officers Liability Coverage. The total annual premium to include all required forms of insurance is $105,558.00.

ISSUE:

In order to ensure that Pre-K 4 SA insurance coverage remained intact for the upcoming school year, Pre-K 4 SA accepted the insurance quote and purchased the coverage. This item requests Board consideration to ratify the additional $5,558.00 for the annual premium of insurance coverage.

ALTERNATIVES:

Pre-K 4 SA is required by the MOU with participating ISDs to maintain insurance coverage in the following areas:

* Worker's Compensation (provided by the City of San Antonio)
* Errors and Omissions
* Directors' and Officers' Liability
* Commercial General Liability
* Abuse & Molestation Liability
* Automobile Liability (Hired & Non-Owned Only)
* Program Consultants
* Excess Umbrella Liability
* Student Accident Insurance

FISCAL IMPACT:

Funds for insurance coverage are budgeted and available in the FY 2016 Pre-K 4 SA Operating Fund as approved by the Pre-K 4 SA Board of Directors.

RECOMMENDATION:

Staff recomme...

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