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Board committee approves flood-insurance renewal amid questions over 20% premium jump and aggregation options
Summary
The finance committee recommended a flood insurance renewal with an estimated premium of $265,129 for 2026–27; board members pressed staff and the broker about a roughly 20% increase and asked whether an aggregated or blanket policy could lower costs before the July 1 renewal date.
The finance, insurance and Section 16 lands committee reported and the board approved multiple insurance renewals for 2026–27, including a flood insurance renewal with an estimated annual premium of $265,129, effective July 1, 2026.
Board members raised concern that the flood premium has risen sharply compared with past years. "That represents over a 20% increase," Mr. Ford said during committee discussion, voicing the need to review whether the district is getting the best terms. Committee staff and broker Leo Leay explained increases reflect updated flood maps, additional buildings added to coverage and evolving underwriting since Hurricane Ida and the NFIP Risk Rating 2.0 changes.
Board members asked staff to investigate alternatives such as aggregated or blanket coverage that could consolidate multiple building-specific policies into a single portfolio policy; the broker said some private carriers will entertain "blanket" or sub-limit solutions but that FEMA/NFIP constraints and the district's "obtain and maintain" obligations could limit options.
The board noted timing constraints: the policy must take effect July 1 and the district faces hurricane-season risk if coverage is allowed to lapse. Staff committed to return with analysis of aggregation options, any potential premium impact and whether private non-FEMA carriers could offer alternative coverages that meet FEMA requirements.
Other insurance renewals approved by committee and board included excess casualty ($382,816.13 annual premium across multiple lines), boiler and machinery ($16,478), cyber liability ($43,450.95 contingent on the email server being operational by July 1) and workers' compensation excess coverage ($116,199 projected).
