Board of Directors Regular Meeting Agenda


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Meeting Date: 09/24/2014  

SUBJECT MATTER:
Receive, consider and act upon renewal of property and liability insurance for the policy period October 1, 2014 - October 1, 2015
FISCAL IMPACT:
Annual premiums total $512,652
BACKGROUND:
At its meeting on September 18, 2014, staff presented quotes from Texas Municipal League Intergovernmental Risk Pool (TMLIRP) on the renewal of property and liability insurance coverage for the policy year beginning October 1, 2014. A summary of the types of coverage and corresponding premiums, deductibles and limits of liability is attached for review. The premium increase is $8,926 or 1.8% over current year premium costs.

The insurance quotes presented by staff were based on the same level of deductibles as the policies currently in effect. The Board asked staff to obtain quotes based on different levels of deductibles and to present those options at the September 24, 2014 Board meeting. It is anticipated that information regarding deductible options will be received early next week, at which time it will be distributed to the Board of Directors.

As requested at the September 18 Board meeting, staff followed up with TMLIRP on obtaining insurance for Lake Woodlands dam.  The underwriter indicated the matter was still under review but would be addressed in time for the Township’s October Board meetings.


RECOMMENDATION:
To be determined by the Board of Directors
Attachments
Summary of Insurance Renewals


    

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