Post by novillero on Jan 6, 2009 21:24:26 GMT -5
Pretty good news...
Freehold expects to see savings on insurance
BY CLARE MARIE CELANO Staff Writer
FREEHOLD — Municipal officials have passed a resolution to change insurance carriers and said the action will save Freehold Borough about $200,000.
Borough Administrator Joseph Bellina discussed the change at a recent meeting of the Borough Council. He told council members the borough will switch its insurance carrier to the Middlesex County Municipal Joint Insurance Fund.
Bellina called the change in insurance carriers a good move and said it was in the best interest of the borough to make the switch. He said the town's coverage with the Middlesex County Municipal Joint Insurance Fund will cost about $500,000.
In 2008 the premium for insurance through the New Jersey Intergovernmental Insurance Fund was $600,000, according to Bellina. He said the same coverage with that company in 2009 would have cost Freehold Borough $710,000.
The council's agreement with the Middlesex County Municipal Joint Insurance Fund became effective on Jan. 1 and will end on Dec. 31.
It includes workers compensation and employers liability; general liability coverage (including public official and police professional); motor vehicle and equipment liability coverage; property damage coverage (including building and contents, automobile physical damage, contractors equipment, boiler and machinery and public employee blanket bonds).
"The Dittmar Agency was our consultant in this transaction," Bellina told the council, "and we feel it is a good move. They surveyed the marketplace for us."
He said that after conducting research on behalf of the borough, professionals from the Dittmar Agency recommended that Freehold officials enroll in the Middlesex County Municipal Joint Insurance Fund.
Bellina said another insurance carrier that was considered offered a premium of about $565,000 for coverage for the borough, but that did not include workers compensation.
"Workers compensation is $218,000. It's very expensive," the administrator said.
A third insurance company offered coverage for $595,000, which Bellina said was still significantly more expensive than the Middlesex County Municipal Joint Insurance Fund.
The total package with the Middlesex County Municipal Joint Insurance Fund came to $508,083.
"This seems to be a very stable fund," Bellina said. "It's a good move. In another two or three years we'll go out in the marketplace and re-evaluate this."
newstranscript.gmnews.com/news/2009/0107/front_page/008.html
Freehold expects to see savings on insurance
BY CLARE MARIE CELANO Staff Writer
FREEHOLD — Municipal officials have passed a resolution to change insurance carriers and said the action will save Freehold Borough about $200,000.
Borough Administrator Joseph Bellina discussed the change at a recent meeting of the Borough Council. He told council members the borough will switch its insurance carrier to the Middlesex County Municipal Joint Insurance Fund.
Bellina called the change in insurance carriers a good move and said it was in the best interest of the borough to make the switch. He said the town's coverage with the Middlesex County Municipal Joint Insurance Fund will cost about $500,000.
In 2008 the premium for insurance through the New Jersey Intergovernmental Insurance Fund was $600,000, according to Bellina. He said the same coverage with that company in 2009 would have cost Freehold Borough $710,000.
The council's agreement with the Middlesex County Municipal Joint Insurance Fund became effective on Jan. 1 and will end on Dec. 31.
It includes workers compensation and employers liability; general liability coverage (including public official and police professional); motor vehicle and equipment liability coverage; property damage coverage (including building and contents, automobile physical damage, contractors equipment, boiler and machinery and public employee blanket bonds).
"The Dittmar Agency was our consultant in this transaction," Bellina told the council, "and we feel it is a good move. They surveyed the marketplace for us."
He said that after conducting research on behalf of the borough, professionals from the Dittmar Agency recommended that Freehold officials enroll in the Middlesex County Municipal Joint Insurance Fund.
Bellina said another insurance carrier that was considered offered a premium of about $565,000 for coverage for the borough, but that did not include workers compensation.
"Workers compensation is $218,000. It's very expensive," the administrator said.
A third insurance company offered coverage for $595,000, which Bellina said was still significantly more expensive than the Middlesex County Municipal Joint Insurance Fund.
The total package with the Middlesex County Municipal Joint Insurance Fund came to $508,083.
"This seems to be a very stable fund," Bellina said. "It's a good move. In another two or three years we'll go out in the marketplace and re-evaluate this."
newstranscript.gmnews.com/news/2009/0107/front_page/008.html
