Title: IN3 COMMERCIAL CRIME INSURANCE

Recommendation:
I recommend the School Board purchase the Commercial Crime Insurance policy effective August 7, 2005 through August 7, 2006 from The Hartford Insurance Group, for an annual premium of  $38,922.

Description:

· The District purchases Commercial Crime Insurance to protect itself from employee theft and/or theft by individuals with whom we conduct business.  The policy also satisfies the requirement of Florida State Statute 1010.07, to ensure that each employee with responsibility for handling/expending funds be appropriately bonded or insured.

· This policy protects the District from employee thefts with a limit up to $5,000,000 per occurrence with a $100,000 deductible and policy limits of $100,000 with a $1,000 deductible for thefts by individuals with whom we do business.

· The $38,922 renewal premium is an increase of $3,538 (10%) over the expiring policy.

· The policy will also cover the School District for Faithful Performance of Duty for $1,000,000 with a $100,000 deductible.

· This insurance also covers losses from Forgery/Alteration ($1,000,000 limit/$10,000 deductible) and Disappearance/Destruction ($100,000 limit/$1,000 deductible) caused by individuals with whom we do business.

Financial Impact:
The financial impact to the District for this coverage is $38,922. The source of funds is the General Funds budget.

For Additional Information, contact:
Joseph M. Moore (moorej@palmbeach.k12.fl.us) \Dianne L. Howard