Terrebonne school board grants levee district passage
February 15, 2011
Resolution bid draws council fire
February 17, 2011
The Terrebonne Levee and Conservation District is shopping for insurance. Specifically, they want coverage during construction of the Houma Navigational Canal Floodgate.
At their regular meeting last Tuesday, members of the levee board asked that bids be offered for builder’s risk coverage so a review of their options could be made as quickly as possible. “We want to make a decision in March,” said board chairman Tony Alford.
“We realized there is a potential risk during the construction process. Builder’s risk is an available insurance that would insure the substantial investment,” levee district attorney Jimmy Dagate said.
Ed Daigle, with the commercial insurance brokerage firm USI, presented options to the board and fielded questions regarding builder’s risk insurance. “[They] are talking about a $60 million investment,” he said. Preliminary information, according to Daigle, would offer a premium cost of approximately $500,000 for the duration of the construction project.
Coverage to protect the structure and equipment breakdown was discussed. The equipment breakdown coverage cost estimate was less than $5,000.
Coverage with builder’s risk not only protects from any human error, it also is used in claims where flooding, wind and hail damage might occur.
“I don’t have any written proposals [at this time],” Daigle said as he explained that his presentation was intended to get discussion on the matter started.
Board members were also offered a presentation on how seepage concerns have been corrected on the MTG Reach H-2 section of levee just north of Cocodrie. They were told that preliminary discussion has begun regarding design of a floodgate on the Bayou Little Caillou, and that levee officials will present their plan for bonds to help finance the Houma Navigational Canal floodgate to the Terrebonne Parish council on Feb. 23.
Terrebonne Levee and Conservation District Executive Director Reggie Dupre confers with legal counsel Jimmy Dagate during a presentation for insurance coverage that would be in place during construction of the Houma Navigational Canal floodgate. MIKE NIXON
