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Meeting Date:
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Category:
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Type:
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Subject:
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14.4 Resolution of the Newark Board of Education Authorizing the
Award of a Contract for Insurance Policies Pursuant to N.J.S.A. 18A:18b-2 |
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Strategic Plans:
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Enclosure:
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File Attachment:
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Summary:
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WHEREAS, pursuant to N.J.S.A. 18A:18B-2, the Newark Board of
Education (the “Board”) desires to insure, contract and provide for
an insurable interest for Commercial Automobiles Insurance, General
Liability and Umbrella Liability Insurance, Commercial Property
Insurance, Excess Workers’ Compensation Insurance, Cyber/Network
and Student Accident Insurance for the policy period covering July 1,
2024 through June 30, 2025 (“Insurance Policies”); and
WHEREAS, the Board is authorized to negotiate and award a contract
for insurance without public advertising in accordance with N.J.S.A.
18A:18A-5a (10); and
WHEREAS, the Board, through its broker USI Insurance Services, LLC
(“USI”), solicited, received, evaluated, and negotiated proposals
from several insurers for each of the Insurance Policies; and
WHEREAS, USI determined that, of all the proposals submitted, the
Insurance Policies presented in the schedule below are the most
advantageous for the Board, cost and other factors considered, and
therefore the Broker recommends that the Board award a one-year
contract for Insurance Policies as listed below:
1. Commercial Property Insurance with Travelers Indemnity Company in the amount not to exceed $4,410,318.00, plus the associated New Jersey Guaranty Fund fee not to exceed
$22,052.00;
2. General Liability (including Business Auto, Law Enforcement)Insurance not to exceed $724,235.00;
3. Excess General Liability Insurance not to exceed $345,299.00
4. Excess Workers’ Compensation Insurance not to exceed $347,767.00;
5. Cyber Enterprise Insurance in the amount not to exceed $110,550.00;
6. K-12 Basic and Catastrophic Student Accident Insurance Plan not to exceed $692,530.00; and
7. Crime Insurance and Surety Bond in the amount not to exceed $25,000.00.
WHEREAS, the Superintendent has accepted this recommendation
from USI and conveyed it to the Board; |
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Funding :
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Recommendation to the Board
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NOW, THEREFORE, BE IT RESOLVED that, subject to availability of
funds, the Board hereby awards contracts for Insurance Policies in
the total amount not to exceed $6,677,751.00 for a one-year term
beginning July 1, 2024 to June 30, 2025, in accordance with the
terms set forth in the proposals submitted by the Insurers, subject to
review and approval by the Superintendent and General Counsel of
the specific terms of a written Insurance Policies, and the Board
hereby authorizes the Superintendent to execute all necessary
contracts and policy forms. |
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Approvals:
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Recommended By: |
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Signed By: |
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Dr. Yolanda Mendez - Assistant Superintendent |
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Signed By: |
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Roger León - Superintendent |
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Vote Results:
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| Original Motion | Member Josephine Garcia Moved, Member Allison K. James-Frison seconded to approve the Original motion 'NOW, THEREFORE, BE IT RESOLVED that, subject to availability of
funds, the Board hereby awards contracts for Insurance Policies in
the total amount not to exceed $6,677,751.00 for a one-year term
beginning July 1, 2024 to June 30, 2025, in accordance with the
terms set forth in the proposals submitted by the Insurers, subject to
review and approval by the Superintendent and General Counsel of
the specific terms of a written Insurance Policies, and the Board
hereby authorizes the Superintendent to execute all necessary
contracts and policy forms.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 8 Nay: 0. | | The motion Carried 8 - 0 | | | | | Josephine Garcia | Yes | | Hasani Council | Yes | | Vereliz Santana | Yes | | Daniel Gonzalez | Yes | | Crystal Williams | Yes | | Allison K. James-Frison | Yes | | Kanileah Anderson | Yes | | Helena Vinhas | Yes | |
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