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Meeting Date:
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6/27/2024 - 6:00 PM
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Category:
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Finance
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Type:
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Action
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Subject:
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2024-2025 District Insurance Portfolio Renewal
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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, CISD Administration evaluates the District Insurance Portfolio to assess opportunities for cost savings and/or to address coverage gaps.
The Insurance Portfolio consists of two (2) primary categories of coverage:
1. Property and Crime
2. Automobile and School Liability Coverage.
Administration is presenting the proposed FY 2024-25 renewal for Property and Crime Coverage and the proposed FY 2024-25 renewal for Automobile and School Liability Coverage for Board approval.
The recommended Property and Crime Coverage renewal includes a lower premium/higher (wind & hail 5%) deductible option that saves the District $275,679 from the initial proposed renewal premium.
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Budgetary Impact:
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FY 2024-25 Property and Crime Coverage: $1,767,319
FY 2024-25 Automobile and School Liability Coverage: $221,464
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Recommendation:
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Administration recommends approval of the FY 2024-25 Property and Crime Coverage and the FY 2024-25 Automobile and School Liability Coverage 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 - Chief Financial Officer
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Signed By:
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Michael McFarland - Superintendent
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