Agenda Item No._________
Washburn University Board of Regents
SUBJECT: Renewal of Insurance Policies
DESCRIPTION: The renewal date for ten of the University's insurance policies is January. An additional policy, the fidelity bond, renewed November 12, but is included in this report. See Item 10 of the attached Schedule of Proposed Insurance Coverage.
At the time of the mailing of the Agenda Items premiums for five of the policies are firm. Quotations for the Worker's Compensation coverage are being prepared and are expected to be in the $160,000 to $165,000 range.
A package of premiums is being prepared by United Educator's Insurance Risk Retention Group. It will include premiums for property coverage, general liability, security guard liability, auto, and umbrella liability. The liability policy is designed for the college market, more specifically states risks covered, and is a broader coverage. Additionally, the unbrella policy would add security guard coverage as an underlying policy. Unless the package of premiums proves to be excessive, the administration will be recommending the United Educator's proposal.
Firm prices for all of the above policies and for the aviation liability insurance are expected by Board meeting time.
RECOMMENDATION: President Farley recommends approval to purchase the policies as shown on the attached Schedule.
Date Jerry B. Farley, President