Agenda Item No. V. B. 2. b.

Washburn University Board of Regents



SUBJECT: Renewal of Insurance Policies



DESCRIPTION: The renewal date for the majority of the University's property and liability policies is October 1. Proposed increases were included in the sources and uses of funds statement approved by the Board for the FY06 budget preparation. The renewals are now presented to the Board by the administration for approval.



The general liability, educators legal liability, and excess liability policies continue to be written by United Educators, rated A (Excellent) by A.M. Best. United Educators provides broad coverage specifically designed for educational institutions. The company has become the standard of excellence for tailored coverage and unmatched risk management and claims services for colleges and universities. The property, auto and workers compensation insurance have been written through Travelers Insurance since 10-1-02. Travelers is rated A++ (Superior) by A.M. Best. The list of coverages and premiums compared with last year's coverages and premiums are detailed in the attached schedule.



FINANCIAL IMPLICATIONS:


Last Year

Renewal

General Fund

Property, Equipment, Musical Instruments

$144,184

$165,396

Auto Physical Damage

5,318

6,868

Boiler

13,775

13,402

Fine Arts

9,732

10,495

Electronic Data Processing

45,508

52,364

Total Property Insurance

$218,517

$248,525

Workers Compensation Insurance

251,875

288,689

KTWU Property Insurance

42,893

40,810

Total General Fund

$513,285

$578,024



Tort Claim Fund


Auto Liability

22,494

20,044

General Liability

108,528

103,705

Sports Accident Insurance

86,377

86,377

Umbrella

52,355

55,295

Aircraft Liability

11,000

11,000

Educators Legal Liability

62,751

67,918

Total Tort Claim Fund

$343,505

$344,339




Total

$856,790

$922,363





RECOMMENDATION: President Farley recommends approval to purchase insurance policies as shown on the schedule.







______________ ________________________________

Date Jerry B. Farley, President



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