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Board approves renewal of LOMA general liability and Travelers cyber insurance
Summary
The board recommended renewal of general liability coverage with the Louisiana Risk Management Agency (LOMA) at a premium of $367,205 and renewal of cyber liability coverage with Travelers at $17,860.
During the insurance committee portion of the meeting, the board recommended renewal of the district's general liability and cyber liability policies.
District representatives recommended renewing with the Louisiana risk management agency (LOMA) for general liability, reporting a recommended premium of $367,205 and noting a slight increase in premium and a change in deductible terms. Presenters said LOMA provides the district greater input into settlements and that district representation on LOMA's board creates added value. "We still feel that the best option is LOMA," a presenter said. The committee moved the recommendation and the motion passed, recorded as "Motion passes 10."
The board also approved renewal of cyber liability coverage with Travelers at a premium of $17,860, a slight decrease from the prior year. Presenters attributed the lower premium to strengthened IT security measures, including district implementation of two-factor authentication and other network protections. The motion to forward the cyber insurance renewal was approved 10-0.
Action: Committee motions recommending renewal of LOMA general liability coverage (premium $367,205) and Travelers cyber liability coverage (premium $17,860) were approved in committee and will proceed to the full board; both committee votes were recorded as "Motion passes 10."
