LEDA insurance coverage to be reviewed

A retainer agreement between the Lawton Economic Development Authority and the Center for Economic Development Law prompted a question of whether LEDA is adequately insured.

In the agreement, which extends from July 1, 2026, through June 30, 2027, the Oklahoma City legal firm agrees "to maintain in force and effect a professional liability insurance policy" that provide $500,000 in coverage "to insure against any actual or claimed liability of the Firm as a result of its attorneys' performances for the LEDA…"

Chairman David Madigan asked whether half a million dollars in coverage is sufficient "because of the size of the contracts we're awarding." In just the last two months LEDA has approved two Firehawk Aerospace construction contracts that totaled $7.67 million.

"We're dealing with a lot of big projects nowadays," Madigan noted.

"We may be underinsured," City Manager John Ratliff said.

"We'll take a look at that," said LEDA Executive Director Richard Rogalski.

Madigan urged Ratliff to "vet that with Legal."