Title: IN4 COMMERCIAL CRIME INSURANCE

Recommendation:
I recommend the School Board purchase the Commercial Crime Insurance policy effective August 7, 2006 through August 7, 2007 from The Hartford Insurance Group, for an annual premium of  $36,847.

Description:

· The District purchases Commercial Crime Insurance to protect itself from the theft of cash and securities etc. (not personal property) by employees or 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 $36,847 renewal premium is a decrease of $2,075 (5.3%) less than 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 $36,847. The source of funds is the General Funds budget.

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