TOWN STAFF REPORT RECOMMENDATIONS
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Act to approve WA Resolution 24-31 awarding the contract for Westlake Academy Building Property Casualty Insurance Products and Services to Box Insurance Agency (Sandy Garza, Director of Human Resources)
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STAFF: Sandy Garza, Director of Human Resources
BACKGROUND:
Bids have been solicited and received for Westlake Academy's annual insurance renewal. Please note that this is a 10-month term to conclude at the end of the new Academy fiscal year (July through June). The insurance policies contained in this package include Property, General Liability, Umbrella Liability, Workers Compensation, Auto, Crime, International Travel, Cyber Liability, and a Student Accident policy. Box Insurance Agency was the only submission that was received by the bidding deadline. This was also the only bid containing all lines of coverage. This quote reflects an overall price increase of $17,689 from FY 23-24.
Liability quotes are quoted as all inclusive, or as sub-policies to the General Liability policy. These include coverage for Directors & Officers, Employers Legal Liability, Employment Practices Liability, Employee Benefits Liability, and Educator's Legal Liability coverage.
Changes in cost for these policies are as follows:
* Property premiums have increased industry-wide, largely from wind and hail damage claims throughout Texas, as well as projected inflation, and increases in the cost of specialized building materials. This has increased the premium by 7.55%
* The Workers Compensation policy has decreased by .57%.
* Auto insurance has increased by 8.27% due to overall industry trends and inflation.
The premium compared to the initial 23-24 premium increased by $4,700 due to the addition of the 3 passenger vans.
* The General Liability and Cyber Liability policy reflects an increase of 23.63% due to adjustments for inflation and industry trends.
* The Umbrella policy reflects an increase of 7.51% due to adjustments for...
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