Jefferson Parish School Board overpaid for flood insurance, pushes to

The Jefferson Parish School Board paid $102,000 over the last year for flood insurance on 126 buildings that no longer exist, including portable buildings, storage sheds and other minor structures on school campuses that have been demolished or removed. The school system is seeking reimbursement.

The oversight occurred when buildings remained on the system's list of property values for insurance purposes even after their removal. The school system conducted a comprehensive inventory of its property in 2006, adjusting for the aftermath of?Hurricane Katrina. A firm the board hired to advise it on property and casualty insurance, Norris Insurance Consultants, conducted another full review in April, finding the excess properties.

Carmel Breaux, a consultant with Norris, said most of the buildings went offline recently, such as when Terrytown Elementary and Woodmere Elementary in Harvey moved into newly built campuses a year ago and shed their portable buildings, so in many cases the unnecessary insurance has not been in place for long.

Breaux said the system can seek reimbursement from the federal flood insurance program going back only to Oct. 15, 2011, and must submit proof that the buildings are gone, such as demolition contracts. For buildings demolished after that date, the system can receive a prorated refund for the remaining time since then.

Michael Martin, president of Gaynell J. Martin Insurance, longtime agent for the board, told the board's insurance committee on Monday that he would file for the reimbursement.

"You really should keep it updated every year," Breaux said about the district's statement of property values. School officials said they maintain inventories of system property that they update periodically, although the last comprehensive survey was in 2006.

The School Board faces a decision on renewing flood insurance on 526 buildings, including the 126 defunct ones, by this October. It has another 35 properties that come up for renewal in January and July. All of those buildings remain in place, Breaux said. The school system lists properties totaling $892,405,207 in value for insurance purposes.

System officials and insurance advisers faced a series of perturbed questions from School Board members about getting property inventories up to date and organized. The chairman of the insurance committee, Pat Tovrea, who highlighted the issue, ensured other board members the situation is being corrected.

"We are working together to try to correct any former errors and try to create a better path forward," Tovrea said. "Though the older system may not have been the most effective way of doing things, we are moving forward."

Mark Waller can be reached at mwaller@timespicayune.com pr 504.826.3783. Follow him on Twitter at MarkWallerTP or Facebook at Mark Waller Times-Picayune.

Source: http://www.nola.com/education/index.ssf/2012/08/jefferson_parish_school_board_138.html

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