Committee approves package of insurance renewals; flood quote delayed

The Terrebonne Parish School Board finance committee reviewed and recommended a set of insurance renewals for the 2025–26 policy year and deferred flood insurance while underwriters finalize values.

For excess casualty insurance the committee recommended acceptance of a renewal package with Lloyd’s of London as carrier and Arthur J. Gallagher of Louisiana as broker. The package covers general liability, automobile liability, errors & omissions and abuse/harassment liability; the recommendation lists limits including $2,000,000 per occurrence and a $4,000,000 general aggregate for general liability, $1,000,000 per accident for auto liability (with a $500,000 self‑insured retention), $2,000,000 per claim for errors and omissions and $1,000,000 for abuse/harassment liability. The annual premium shown in the committee packet was $382,178.25. Committee discussion noted this renewal represented the only increase among a group of renewals and that the auto/liability component had risen due to a recent accident.

The committee also recommended renewal of cyber liability insurance with Houston Casualty (broker USI Insurance Services, LLC) at an annual premium of $46,106.23, subject to a $100,000 deductible and $1,000,000 limits, effective July 1, 2025–June 30, 2026. Committee members discussed the policy’s role in responding to ransomware or data‑breach events and in providing credit‑monitoring support to affected individuals if necessary.

Boiler and machinery coverage through Liberty Mutual Fire Insurance Company (broker Arthur J. Gallagher) was recommended with an annual premium of $15,786 and a $2,500 deductible, effective July 1, 2025–June 30, 2026. Committee staff explained that boiler and equipment breakdowns are not always covered under property insurance and that this policy addresses smaller mechanical failures with a low deductible.

A renewal of crime insurance through Travelers Casualty and Surety Company (broker USI) was recommended at $6,030 per year (a three‑year commitment totaling $18,090) with a $1,000 deductible, covering employee dishonest/forgery/embezzlement (white‑collar) risks.

Flood insurance was pulled from the packet because underwriters (Wright National) requested a complete statement of values and the committee did not yet have final premium numbers. Committee members agreed to present a recommendation to the full board once the carrier completes its review. All other renewal recommendations in the packet were forwarded to the full board for ratification; committee members named the broker agents for some policies and noted a three‑year rate lock for the crime policy.

Committee members asked routine clarifying questions (for example, whether “auto” coverage included buses — staff confirmed buses are covered) and were told the casualty increase was driven largely by a particular recent auto incident. The committee vote forwarded the renewals to the full board for final approval; the committee did not adopt the flood policy pending carrier pricing and valuation work.