ACTION ITEM

Approval of FY 2024 Annual Insurance Renewal Premiums Brokered by AssuredPartners and State Risk and Insurance Services.

FACTS

The following insurance policies expire June 30, 2023, with the exception of the Athletic Accident Insurance, which expires on July 31, 2023:

  1. Athletic Accident Insurance
  2. Automobile
  3. Cybersecurity
  4. Director & Officers-Employment Practice Liability–Educators Legal Liability (D&O-EPL-ELL)
  5. Excess Liability
  6. Excess Side A D&O
  7. General Liability
  8. International Package
  9. Marine/Boats
  10. Student Nurse Professional
  11. 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.

BUDGETARY IMPLICATION

InsuranceFY 22-23FY 23-24Funding Source
AssuredPartners Received Premium Summaries$608,134$389,622E&G
AssuredPartners Estimated Premium SummariesN/A$199,328E&G
State Risk and Insurance Services436,841n 54,908TBDE&G Land Grant
Total$1,099,883$588,950

Finance and Administration