Approval of FY 2024 Annual Insurance Renewal Premiums Brokered by AssuredPartners and State Risk and Insurance Services.
The following insurance policies expire June 30, 2023, with the exception of the Athletic Accident Insurance, which expires on July 31, 2023:
Athletic Accident Insurance
Automobile
Cybersecurity
Director & Officers-Employment Practice Liability–Educators Legal Liability (D&O-EPL-ELL)
Excess Liability
Excess Side A D&O
General Liability
International Package
Marine/Boats
Student Nurse Professional
Workers Compensation
Our current broker for the above insurance policies is Assured Partners.
The State Fire and Tornado Insurance will also expire on June 30, 2023; however, the quote has not yet been received. The Land Grant portion of this policy is expected to increase due to several buildings at the Farm which were not included in the original policy. This insurance is required regardless of the cost. Once the quote is received, it will be presented to the Board of Regents as an information item.
| Insurance | FY 22-23 | FY 23-24 | Funding Source |
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| AssuredPartners Received Premium Summaries | $608,134 | $389,622 | E&G |
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| AssuredPartners Estimated Premium Summaries | N/A | $199,328 | E&G |
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| State Risk and Insurance Services | 436,841n 54,908 | TBD | E&G
Land Grant |
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| Total | $1,099,883 | $588,950 | |
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