Bossier Parish School Board restores $500 million property limit, insurer offers extra $100M for $63,000

Bossier Parish School Board members voted Feb. 5 to accept an expanded excess property-insurance option, restoring the districtto a $500 million total limit and adding coverages the administration said will help if rebuilding must meet newer code requirements.

Doug Rogers of Risk Pros told the board market conditions have improved and the districthas secured a 12.5% rate decrease while increasing insured values about 7.5%. He said the district was offered the option to buy an additional $100 million of excess coverage for $63,000 to return the overall program limit to $500 million. "You can see the cost for that is 63,000," Rogers said. He recommended the board accept the optional limit.

Rogers also said ordinance/law coverage within the program was doubled from $5,000,000 to $10,000,000 to help cover compliance costs if a building must be rebuilt to new standards, and that the renewal package includes property and liability protections for active-assailant events and terrorism.

Board member Miss Smith moved to accept the $500 million limit at a premium of $1,946,250, seconded by Miss Darby. The board voted verbally and electronically and the motion carried unanimously.

Why it matters: The extra limit and higher ordinance/law coverage reduce the risk that the district would face uncovered costs if rebuilding after a major loss requires new safety systems or code upgrades. Rogers said the program remains a multi-carrier layered market, and that no single insurer writes the full limit on a Louisiana risk.

Whathappens next: The board approved the renewal and the supplemental $100 million option; staff will complete procurement and policy issuance steps as directed by the superintendent.