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Property%20Insurance%20Letter.pdf

Document typememo
Date2024-06-10
Source URLhttps://go.boarddocs.com/wv/booneboe/Board.nsf/files/D65RGF6DE974/$file/Property%20Insurance%20Letter.pdf
Entityboone_county_schools (Boone Co., WV)
Entity URLhttps://www.boonecountyboe.org/en-US
Raw filenameProperty%20Insurance%20Letter.pdf
Stored filename2024-06-10-3de75b364a6d6b0f65f6e5b00d2123e1-memo.txt

Parent document: REVISED - Regular Meeting - Meeting #41-06-17-2024.pdf

Text

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