| New Business - Insurance |
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Title: Recommendation: Description: •· The High School Interscholastic Athletic plan covers $25,000 in medical expenses for accidental injuries to high school interscholastic athletes and cheerleaders. The coverage is excess of any existing coverage and primary if there is no other coverage on the athletes or cheerleaders. • The Student Catastrophic Insurance is a required coverage for the District's participation in the Florida High School Activities Association and covers medical expenses resulting from accidental injuries to any student while participating in school activities with policy limits of $5,000,000 with a $25,000 deductible. • Previously these policies could be purchased separately. However, for the last few years, in order to obtain the best benefits at the best price, we had to purchase both plans together and recommend doing so again. • Our Broker, The Beacon Group, solicited proposals from multiple carriers with only 4 companies responding to both the High School Interscholastic Athletic and the Student Catastrophic overages. • This new total premium ($1,113,686) is an increase of 11% over last year's combined expiring premiums of $1,003,330 and $200,000 better than the next best offer. The 11% premium increase is attributable to medical cost inflation and the District's loss experience. • Student Insurance fees as allowed by School Board Policy #5.60 will be continued as a $10 Tryout fee and $40 team participant fee, not to exceed $50 per student per school year. These fees are expected to raise $450,000 towards the premium which will offset the financial impact stated below. • Our research indicates that all other Florida School Districts require some student contribution/participation in this type of insurance. This $50.00 recommended cost sharing, is less than most other districts require. Financial Impact: For Additional Information, contact:
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