Catastrophic is just one of the words used to describe the City of Shreveport’s insurance situation during a special meeting.
The meeting was held Monday, where the city’s auditor outlined how Shreveport’s property and assets are grossly under insured.
The audit showed in 2018 the city was 100 percent covered. That was under Gallagher and Risk Services, the entities that obtained the city’s previous insurance policy.
The audit shows right now under Frost Insurance, the city is only covered at six percent, which is $50 million in insurance for properties valued at $815 million.
Before Monday’s public meeting, council members James Flurry, John Nickleson and Grayson Boucher met with Rodrelle Sykes who handled the city’s new policy.
Nickelson says,”He did tell Councilman Boucher and Councilman Flurry and myself that he has never brockered insurance for a municipality. Never before. He has not done it one time before Shreveport. My concern about that is that I don’t want anybody learning how to be a municipal insurance broker or doing anything at a high level on the city’s dime.”
Shreveport’s CAO told the council at the meeting, administration does have quotes for additional insurance coverage. That would most likely come at an additional cost.
All of this comes after Mayor Adrian Perkins decided to use Dallas, insurance broker Roddrelle Sykes, shortly after being elected.
We reached out to the Mayor’s office to see if the city will continue working with the new broker and we have yet to receive any information from them.