PURMIT Board of Trustees Meeting
June 7, 2016
1:00 p.m. – 2:00 p.m.
Minutes
Trustees Present: Ryan Hagemann (WOU), Lara Moore (EOU), Brian Roy (PSU), Patrick Hughes (OSU), Michelle Meyer (OIT)
Others Present: Ryan Britz (Berkley) and James Parker (DWT)
Call to Order
Chair Patrick Hughes called the meeting to order at 1:02 p.m.
Roll Call
Roll call was taken.
The Board adjourned the regular meeting and went into Executive Session at 1:10 p.m. to address documents and information relating to the 2016-17 allocation models. The executive session was held pursuant to ORS 192.660(2) (f).
The Board exited Executive Session at 2:04 p.m.
Final Decisions Related to Executive Session Discussions
The Board discussed the decisions to be made and the authorization needed by Berkley to bind coverage effective July 1, 2016.
Action:
Ryan Hagemann made motion authorizing Berkley to renew the expiring casualty and specialty lines as presented by PURMIT’s broker, with the following changes or options: Casualty – bind at a $500,000 retention; Property – cancel and rewrite the program with the current carrier partner(s) with an effective date of 7/1/2016; and Workers’ Compensation – bind the option presented by SAIF for a 300% Max/No Occurrence Cap/10 year paid loss retrospective plan/$1M Maritime coverage endorsement for a total estimated deposit premium of $8,243,118.. Motion was seconded by Brian Roy. Motion passed without objection.
Adjourn
The Board adjourned the meeting at 2:12p.m.