School board committee endorses renewal of property insurance at current terms; premium quoted at about $3.12 million

The St. Bernard Parish School Board’s insurance committee reviewed the district’s annual property insurance renewal on March 11 and the administration recommended renewing the current policy terms.

Tom Fuller and insurance representatives presented three options. Option A — the administration’s recommendation — would renew current terms: $50 million total property coverage, $30 million named‑storm coverage, a 10% named‑storm deductible and a $1,000,000 deductible for other perils (with the 10% named‑storm deductible taking precedence if it exceeds $1,000,000). The renewal premium quoted for Option A in the presentation was $3,123,184, a decrease of roughly $648,000 from the previous year’s premium, which the presenters attributed to increased market capacity.

Option B would reduce the named‑storm deductible to 5% (with a higher premium quoted at $3,645,559). Option C would lower the per‑occurrence other‑perils deductible from $1,000,000 to $500,000 while keeping the 10% named‑storm deductible; the premium quoted for Option C was $3,351,589. Administration recommended Option A as the preferred balance of coverage and cost.

A motion to accept the administration’s recommendation to renew under current terms was made, seconded and the committee vote recorded in the transcript as “Motion passes 10.” The transcript does not show individual board member roll‑call votes, only the committee tally.

Why it matters: The district insures substantial property values and buildings; the renewal premium is a material line in the district’s insurance and operating budget. The committee’s decision keeps existing deductible structure while taking advantage of a lower premium in the current insurance market.

Next steps: The recommendation will be forwarded to the full board for final approval per the district’s procurement and insurance procurement procedures.