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