Native Americans and peasants all over the place (including my ancestors) used these plants as thatch and construction material...and to feed the pigs. You will see the leaves used for Palm Sunday processions as well.
A chaguaramo can grow 40 metres tall, so you don't want to be under one of them when a leaf falls.
This palm is similar to the Roystonea regia or Royal Palm, which can be found in more places, but you can differentiate them because the chaguaramo's seedlings are violet and not green and the leaves are darker than those of the Royal Palm.
The picture below is from the "Altar de la Patria" (sic and sick), very close to my hometown. You don't get much shadow from these palms but they can be an impressive sight.