Agenda Item No.   V. B. 2. 

Washburn University Board of Regents

 

SUBJECT:  Ratification of Renewal of Insurance Policies

 

DESCRIPTION:  The renewal date for the majority of the University's property and liability policies is October 1.  It was not possible for our insurance carriers to give renewal quotations far enough in advance of the renewal date to have the quotes prior to the July Board meeting, therefore, estimates were made by the administration, and the proposed increases were included in the sources and uses of funds statement approved by the Board for the FY05 budget preparation.  The renewals are now presented to the Board by the administration for ratification.

 

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

 

$173,599

 

$151,424

 

Auto Physical Damage

 

6,554

 

5,318

 

Boiler

 

13,302

 

Incl

 

Fine Arts

 

9,732

 

9,732

 

Electronic Data Processing

 

13,975

 

45,225

 

Total Property Insurance

 

$217,162

 

$211,699

 

Workers Compensation Insurance

 

225,220

 

251,875

 

KTWU Property Insurance

 

41,663

 

42,893

 

Total General Fund

 

$484,045

 

$506,467

 

Tort Claim Fund

 

 

 

 

 

Auto Liability

 

24,457

 

22,494

 

General Liability

 

88,670

 

108,528

 

Sports Accident Insurance

 

75,118

 

86,377

 

Umbrella

 

44,313

 

52,355

 

Aircraft Liability

 

11,275

 

11,000

 

Educators Legal Liability

 

51,517

 

62,751

 

Total Tort Claim Fund

 

$295,350

 

$343,505

 

 

 

 

 

 

 

Total

 

$779,395

 

$849,972

 

RECOMMENDATION:  President Farley recommends ratification of purchase of the policies as shown on the schedule.

 

______________                                ________________________________

Date                                                    Jerry B. Farley, President    


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