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Port board extends Gallagher Insurance contract for one year after staff cites large premium decrease
Summary
The Lake Charles Harbor and Terminal District authorized a one-year extension of its brokerage agreement with Gallagher Insurance at a flat $265,000 price; staff said Gallagher's recent renewal reduced property insurance costs by about $430,000 compared with the prior year.
The Lake Charles Harbor and Terminal District on Feb. 26 authorized the executive director to extend the district's insurance brokerage agreement with Gallagher Insurance for one additional year at an unchanged price of $265,000.
Staff told the board Gallagher had been awarded brokerage services in 2021 and "has provided excellent service," noting the most recent property insurance renewal produced a decrease of approximately $430,000 over the prior year. "Gallagher has provided excellent service," staff said during the briefing.
The board moved, seconded and approved the one-year amendment by voice vote.
The extension authorizes the executive director to execute the contract amendment and maintain the current price structure while the district continues insurance renewals and risk management activities.
