| Document type | memo |
|---|---|
| Date | 2024-06-10 |
| Source URL | https://go.boarddocs.com/wv/booneboe/Board.nsf/files/D65RGF6DE974/$file/Property%20Insurance%20Letter.pdf |
| Entity | boone_county_schools (Boone Co., WV) |
| Entity URL | https://www.boonecountyboe.org/en-US |
| Raw filename | Property%20Insurance%20Letter.pdf |
| Stored filename | 2024-06-10-3de75b364a6d6b0f65f6e5b00d2123e1-memo.txt |
Parent document: REVISED - Regular Meeting - Meeting #41-06-17-2024.pdf
Ferrell QHill INSURANCE AGENCY tc Commercial » Personal « Life » Health www.FerrellandHill.com (304) 369.1111 phone (866) 949.4117 toll free (304) 369.4010 fax 492 Main Street P.O. Box 277 Madison, WV 25130 June 10, 2024 Boone County Board of Education 69 Avenue B Madison, WV 25130 Re: Property Insurance Quotes Thank you for continuing to choose Ferrell and Hill Insurance. For the upcoming 7/1/24 property renewal we have two quotes from Westfield and an indication from Encova Insurance. Encova did not proceed with an official quote because their initial indication for pricing was $175,000. With that figure not being competitive Encova did not proceed with an official quote. The Westfield quote includes a 5% inflationary increase in building limits and an approximate 6% change in rate. Both increases are due to the immense inflationary pressure for property materials and construction labor. While we have kept up with the inflationary changes in the property values we have not increased ‘Extra Expense’ coverage for many years. Extra Expense coverage is intended to pay for additional expenses you incur from a covered claim. An example would be if you had a ‘fire’ and because of that fire Boone BOE needed to lease portable classrooms until the repairs were completed. Extra Expense coverage could pay for this additional cost. As an option we included a quote with the Extra Expense coverage unchanged at the $1.6 million blanket limit and with an optional increase to $3.2 million blanket limit. If you would like to see any other options or have questions, please let us know. ifiderely, Yours Truly, Meh Cah Hhid hris DiParker, CIC David L. Hill Partner Partner