Tangipahoa Board May Cut Insurance Coverage
AMITE, La. (AP) — Cutting property coverage in half could help the Tangipahoa Parish School Board save nearly $60,000 in overall insurance premiums this year. That’s the recommendation from the board’s Finance Committee.
The Advocate reports the committee on Tuesday suggested dropping coverage on its $244 million worth of buildings and contents from $50 million down to $25 million.
John Norris, an insurance consultant, told the committee the reduction will require a waiver from the Louisiana commissioner of insurance.
Chief Financial Officer Bret Schnadelbach said escalating premium rates following Hurricane Katrina in 2005 have forced the school district, along with others across the state, to back down from full coverage in order to manage costs.