Agenda Item No. V. B. 3.

Washburn University Board of Regents



SUBJECT: Renewal of Insurance Policies



DESCRIPTION: Prior to the October 2003 renewal, the University's insurance agent reviewed the market and submitted applications to companies expressing an interest in writing coverage for Washburn. United Educators Insurance Risk Retention Group's proposal continues to be judged to be more advantageous for the University both in coverage and premium. Coverage for the general liability policy was moved to United Educators in 2000, who had written Washburn's Educators Legal Liability coverage for several years.



United Educators, rated A: Excellent by A.M. Best, provides broad coverage created specifically for educational institutions. United Educators is a mutual insurance company owned by over 1,100 policyholder-members. United has become the standard of excellence for broad, tailored coverage and unmatched risk management and claims services for colleges and universities.



It is advantageous to have the general liability and educators legal liability written by the same insuror in the event of a claim since there is no question of which company is responsible.



Attached is a schedule of proposed October 1 insurance coverages and premiums compared with last year's coverages and premiums. All the quotations are firm. The amount shown on the schedule is the maximum amount Washburn might have to pay for coverage.



FINANCIAL IMPLICATIONS:





Last Year

Renewal



General Fund







Property, Equipment, Musical Instruments

$149,813

$170,228



Auto Physical Damage

7,852

6,554



Boiler

11,424

13,302



Fine Arts

7,655

9,485



Electronic Data Processing

12,327

13,975



Total Property Insurance

$189,071

$213,544



Workers Compensation Insurance

184,358

220,825



KTWU Property Insurance

$41,663

$41,663



Total General Fund

$415,092

$476,032



Tort Claim Fund







Auto Liability

17,875

24,388



General Liability

69,039

88,670



Sports Accident Insurance

52,393

75,118



Umbrella

33,494

44,313



Aircraft Liability

10,250

10,250



Educators Legal Liability

39,112

51,517



Total Tort Claim Fund

$222,163

$294,256











Total

$637,255

$770,288







RECOMMENDATION:



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







________________ ___________________________

Date Jerry B. Farley, President


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