July_27_2022_Exectutive_Committee_Board_Book.pdf — PaddleOCR-VL (Baidu)

ACTION ITEM:

Approval of Mutual of Omaha Athletic Insurance Renewal.

FACTS:

The renewal rate for FY 22-23 is quoted at $174,578. There was an increase amount of $51,275. This was due to the average increase of claims, based on the past 5 year losses (see attached premium summary). The University did receive a premium reduction of $66,395 due to COVID-19 during fiscal year 20/21.

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BUDGETARY IMPLICATIONS:

The total amount is part of the Assured Partners premium finance agreement of $529,385.69. Funds for this expense have been budgeted.

RECOMMENDATION:

Interim President Ronald A. Johnson recommends that the Executive Committee of Kentucky State University Board of Regents approve the Mutual of Omaha Athletic Insurance Renewal.

MOTION:

Approve Mutual of Omaha Athletic Insurance Renewal.