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