Agenda Item No._________

Washburn University Board of Regents





SUBJECT: Ratification of Renewal of Insurance Policies





DESCRIPTION:



The renewal date for ten of the University's insurance policies was January 1. At the time of the December Board meeting, we were still waiting on quotations for a few of the policies, so the Board authorized the Chair and Vice-Chair to review the administration's proposals once all quotations were received, and to approve where appropriate. The Board instructed that the approved renewals be presented at the January 26 meeting for ratification. The list of policies and the annual premiums are detailed in the attached Schedule. One of the ten policies up for renewal was the liability coverage for the University's police operations. That policy is now a part of the Package policy, Item 1, and thus there are only nine January renewal policies listed on the schedule. The tenth policy is the fidelity bond policy which actually has a renewal date of November 10, but is shown to reflect the premium obligation.







FINANCIAL IMPLICATIONS:



1999 2000 2000 2001
General Fund $192,553 $246,977
Tort Fund* $112,934 $124,083
Total $305,487 $371,060




RECOMMENDATION:



President Farley recommends ratification of purchase of the policies as shown on the attached Schedule.









_________________ ___________________________

Date Jerry B. Farley, President


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