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Meeting Date:
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6/12/2024 - 7:00 PM
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Category:
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Consent Agenda Items
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Type:
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Action
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Subject:
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Approval of Liability Insurance Renewal with CLIC
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Vision 2026:
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Operational Excellence Strategies 2 Maintain strong fiscal health of the organization.
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Background
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The district is a member of the Collective Liability Insurance Cooperative (CLIC) which is made up of 191 Illinois school districts. The cooperative offers a comprehensive insurance package which includes property, excess property, general liability, excess liability, auto liability and physical damage, EDP, crime, as well as school board legal liability. The pool also covers student accident, boiler and machinery, pollution coverage, identity theft coverage and a supplementary fiduciary liability coverage.
In June of 2023, the Board of Education approved the insurance renewal with CLIC in the total amount of $728,770, which included a credit of $996 from the pool in the Gallagher Bassett Claims Admin Fee category. In addition, a fiduciary policy, which provides coverage against liability claims related to employee benefit plans that are managed or administered by CUSD 200, was purchased at a cost of $2,150. The policy period for all of the above was July 1, 2023 to June 30, 2024.
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File Attachment:
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Summary:
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The current renewal quote from CLIC is $754,011. This is for the period of July 1, 2024 through June 30, 2025 and represents a 3.3% increase over the expiring policy year. The renewal also includes an additional $3M in Cyber Liability coverage at a total cost of $26,920, which is same amount for the extra coverage when compared to the existing policy year.
The purchase of the fiduciary policy, which is outside of the annual renewal costs described above, is priced at $2,200. This is a $50 increase over the existing policy year. The fiduciary policy provides coverage against liability claims related to employee benefit plans that are managed or administered by the district.
Copies of both renewals are attached for your reference.
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Funding:
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2024-2025 Education Fund Budget
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Board Policy
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4:10 Fiscal & Business Management
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Recommendation:
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It is recommended that the Board of Education approve the renewal with CLIC in the amount of $754,011 for the term of July 1, 2024 to June 30, 2025, as well as the fiduciary policy at $2,200 for the same period.
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Approvals:
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Recommended By:
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Signed By:
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Brian O'Keeffe - Asst Superintendent Business Services
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Signed By:
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Jeff Schuler - Superintendent
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Vote Results:
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| Original Motion | | Member Erik Hjerpe Moved, Member Dave Long seconded to approve the Original motion 'It is recommended that the Board of Education approve the renewal with CLIC in the amount of $754,011 for the term of July 1, 2024 to June 30, 2025, as well as the fiduciary policy at $2,200 for the same period.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0. | | The motion Carried 7 - 0 | | | | | Brad Paulsen | Yes | | Rob Hanlon | Yes | | Dave Long | Yes | | Angela Blatner | Yes | | Julie Kulovits | Yes | | Erik Hjerpe | Yes | | John Rutledge | Yes | |
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