Agenda Item No. V. B. 8.

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 FY07 budget. 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 St. Paul/Travelers Insurance since 10-1-02. St. Paul/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

$ 166,935

$174,039

Auto Physical Damage

7,584

5,983

Life-Line Van Physical Damage

8,451

8,451

Boiler

13,402

14,753

Fine Arts

10,688

11,017

Electronic Data Processing

52,364

50,014

Total Property Insurance

$ 259,424

$264,257

Workers Compensation Insurance

288,689

341,384

KTWU Property Insurance

40,810

44,237

Total General Fund

$ 588,923

$649,878

Tort Claim Fund

   

Auto Liability

18,451

21,262

Life-Line Van Auto Liability

1,693

1,693

General Liability

103,705

105,846

Sports Accident Insurance

86,377

81,395

Umbrella

55,295

57,619

Aircraft Liability

10,000

10,000

Foreign Liability

2,500

2,500

Educators Legal Liability

67,918

65,112

Total Tort Claim Fund

$ 345,939

$ 345,427

     

Total

$ 934,862

$ 995,305

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

______________ ________________________________

Date Jerry B. Farley, President


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