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.
Property, Equipment, Musical Instruments
Auto Physical Damage
Electronic Data Processing
Total Property Insurance
Workers Compensation Insurance
KTWU Property Insurance
Total General Fund
Tort Claim Fund
Sports Accident Insurance
Educators Legal Liability
Total Tort Claim Fund
President Farley recommends approval to purchase the policies as shown on the schedule.
Date Jerry B. Farley, President