Property insurance drops to $50M

The value of insured property owned by Terrebonne Parish will drop from $75 million to $50 million for the year beginning March 2009.

The Terrebonne Parish Council’s Policy, Procedure, and Legal Committee approved the amount at Monday’s meeting on the recommendation of J. Dana Ortego, director of the parish’s Human Resources and Risk Management Department.

The premium for the policy, issued by the Illinois-based insurance firm Arthur J. Gallagher & Co., will rise from $1.98 million to $2.25 million. The deductible will increase from 2 to 3 percent.

Ortego said the total value of parish-owned property is $289 million. He told the committee that a direct strike from a Category 5 hurricane would inundate the parish. Residents would be north of Interstate 10, he said.

Also during the meeting, the committee approved a request from Houma-Terrebonne Civic Center Director Dave Ohlmeyer to charge the new Houma Conquerors indoor football team a flat $4,200 a game in rental fees.

The resolution alters the part of the Parish Code governing the civic center, which would require the Conquerors to pay 10 percent of gross gate receipts for rental fees if the receipts exceed $2,500.

Ohlmeyer said the Conquerors’ profit will come from selling concessions. The civic center will receive five percent of the commission from box seating.

Councilman Clayton Voisin touted the benefits to area businesses from having a professional sports franchise in Houma, but Councilman Alvin Tillman said he believed the contract shortchanged the Conquerors.

“The parish seems to be taking (away) every avenue for them to make money,” Tillman said. “I don’t see how this team can make money. We’ll see them come back to the council soon.”