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Ascension Parish committee backs $100 million property renewal, raises named‑storm sublimit and cuts deductible
Summary
The committee approved staff’s recommendation to renew property insurance at $100 million all‑risk (excluding flood/quake), raise the named‑storm sublimit to $25 million and reduce the storm deductible to 2%, producing an estimated premium reduction versus last year and advancing the item to the full board.
Committee members reviewed Ascension Parish’s property insurance renewal and voted to accept staff’s recommendation to maintain $100 million in all‑risk property coverage (excluding flood and quake), raise the named‑storm sublimit to $25 million and reduce the storm deductible to 2%.
The change — recommended by the parish’s insurance advisor — was presented as producing a roughly $262,000 reduction in annual premium compared with the prior year because more insurers were willing to participate at larger layers, staff said. Jeff B corrected one line in the materials, saying the deductible should be shown as 2% rather than 2.5%.
Why it matters: lowering the named‑storm deductible reduces the parish’s out‑of‑pocket exposure at the time of a covered storm loss. The advisor told the committee that, in a worst‑case event in which all buildings were damaged by a hurricane, moving from a 5% to a 2% storm deductible would amount to about $25 million less in parish payments at time of loss.
Details presented to the committee included an increase in total insured value (TIV) driven by several newly added T‑type buildings, prior years’ deductible and sublimit history, and an estimated FY2026 premium of approximately $2.42 million under the proposed terms. The advisor said T‑type (modular/temporary) buildings are rated slightly higher per thousand but that overall TIV is the primary pricing driver.
Committee members asked whether the renewal could be voted sooner to meet the April 1 renewal date. The advisor cautioned that carriers sometimes provide improved terms late in the cycle and that imposing a hard early cutoff could foreclose better offers; the advisor recommended finalizing terms by the April 1 renewal if feasible.
The motion to accept the recommendation was moved by Miss Boon and seconded by Mr. Lang. The committee voted verbally in favor and approved advancing the renewal to the full board/consent agenda.
Next steps: staff will place the renewal on the full‑board consent agenda for final approval and will provide any additional details requested by committee members before the April 1 renewal deadline.
