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For Board Meeting of December 18,1997 <br />Agenda Item # G. 2. <br />__ _ MEMO TO: BOARD OF DIRECTORS <br />1 <br />FROM: THOMAS A. WOLFGRAM ~~" ~ i`-~ ' <br />BUS ESS SERVI ES~GANAGER <br />THRU: R. G. AN RSEN WYCKOFF, GENERAL MANAGER <br />SUBJECT: INSURANCE RENEWAL <br />Issue <br />January 1~ the insurance po~;;ies expire and must be renewed. Shall the Board of <br />Directors authorize the General Manager to renew the policies? <br />Background <br />Sedgwick James, the District's Agent-of-Record, requests quotes annually for the <br />District's Commercial Automobile Liability, Commercial Property, General Liability, <br />Crime, and Bus Catastrophe. <br />Facts and Findinqs <br />1. Special Districts was the only company from whom quotes were received. <br />`~,,,, No other companies contacted were interested in giving quotes after they <br />found that we were currently with Special Districts, since they could not <br />quote lower. <br />2. All coverage limits and deductibles are equal to or better than the prior year <br />policies, with the value of buildings increased by approximately 3%. <br />3. The premiums for the 1998 policy year compared to the 1997 premiums <br />are as follows: <br /> 1998 1997 (Decrease) <br /> Increase <br />Property $ 14,092 $13,981 $ 111 <br />General Liability 14,771 16,238 (1,467) <br />Crime 971 900 71 <br />Auto Liability 65,532 64,498 1,034 <br />Bus Catastrophe 7,575 7,575 -0- <br />(w/o replacement cost) <br />Totals $102,941 $103,192 $ (251) <br />4. Staff requested Sedgwick James to get quotes on replacement cost on the <br />buses for the catastrophe policy, the premium would be $16,740 annually. <br />131 <br />