ITEM NUMBER: 6.F.
School Board Regular Meeting
- Meeting Date:
- 06/20/2022
- Prepared By:
- Tom Sager
Item Type:
Subject:
2022-23 Property and Liability Insurance Renewal Rates
Background:
Quotes were received for the 2022-23 Property and Liability insurance. The EMC Insurance renewal quote is $405,172 and is part of the insurance package with the Workers Compensation insurance. The annual cost for Property and Liability insurance for the 2021-22 year was $339,144. This insurance is bundled with the district’s workers compensation insurance. The total package will experience an increase of 6.6 percent as compared to the 2021-22 rates. Much of this increase is related to the addition of recently purchased property at 15 Map Drive and updated district property values for replacement costs. This also represents an average annual increase of 2.1 percent over the past two renewal cycles.
Recommended Action:
The administration recommends approval of the Property and Liability Insurance program with EMC Insurance for the 2022-23 school year.