Agenda Item #62
IN1 - APPROVAL TO PURCHASE FLOOD INSURANCE
· The District currently insures 23 locations with 138 buildings valued at approximately $531 million dollars and contents valued at $33.6 million dollars located in the applicable Flood Zones.
· Without this flood coverage, in the event of a federally declared flood disaster, the
· NFIP requires the District to purchase one policy per building, for all 214 buildings housed at these 23 locations. The total insurance coverage is $82.0 million with individual policy deductibles of $50,000 for the building and another $50,000 for the contents.
· Five years ago FEMA allowed increased deductibles (retentions) from $5,000 to $50,000 with a corresponding reduced premium of $167,779. We again recommend the $50,000 deductibles with an annual savings of $234,505.
I recommend that the School Board approve the purchase of flood insurance effective December 31, 2008 to December 31, 2009 at a cost of $263,819 from The Travelers Insurance Company through our broker, The Beacon Group, Inc.
ph J Joseph.Moore (firstname.lastname@example.org / Dianne L. Howard
The financial impact to the District is $263,819. The source of funds is the Capital Funds Budget.