Livingston Schools Reduce Insurance Coverage
LIVINGSTON, La. (AP) — The Livingston Parish School Board will cut the district's property insurance coverage in half to keep from paying an additional $224,000 in annual premiums.
The Advocate reports the board voted unanimously Thursday to lower the district's property insurance policy limit from $50 million to $25 million, for an annual premium rate of $607,458.
The district paid $543,409 for $50 million in coverage on $280 million worth of buildings and contents in 2011-12, That's according to figures provided by insurance consultant John Norris.
Morris says maintaining the same coverage on $288 million worth of property would have cost the district $767,583 for 2012-13.
He says the premium increase is due to changes in the way the insurance industry calculates risk following storm events such as Hurricane Katrina.