ACTION ITEM: Approval of KEMI Worker's Compensation Insurance Renewal.
Kentucky Employers Mutual Insurance Company (KEMI) has been the University's insurer for Worker's Compensation coverage since 2014. The current policy expires 6/30/2022. The renewal rate for FY 22-23 is quoted $11,160.12 lower than FY 21-22.
Total amount for FY 22-23 Worker's Compensation Policy for KSU is $51,649.88. KEMI requires a $13,003.91 down payment at the time of binding, with nine direct billed installments until balance is paid in full. Funds for this expense have been budgeted.
VP/CFO Shields recommends that the Board of Regents approve KEMI Worker's Compensation Insurance Renewal.
Approve KEMI Worker's Compensation Insurance Renewal.