Please find below information regarding 2008 Insurance replacement costs.
For the purpose of insurance coverage, the estimated replacement costs per square foot for school buildings have been revised as follows:
Elementary schools $143
Middle schools $146
High schools $156
Vocational schools $146
Central office $144
Bus garages $120
Storage buildings $80
Carefully review 702 KAR 3:030, especially Section 1, which requires that "Each such building and its contents shall be insured for an amount equal to 100 percent of the replacement cost thereof as shown on the schedule of values, and each policy covering such buildings and contents shall provide an agreed amount endorsement. The replacement cost of the building shall include the increased cost of construction brought about by code changes that have occurred since the original structure was built and which would be required to be incorporated within the rebuilt structure."
Please notify your property insurance agent of the new replacement cost values, and understand that when property insurance is bid, school districts must use the above 100% replacement cost figures.
If you have any questions about 702 KAR 3:030, or this instruction, please call Louis Hugg at 502-564-4326.