The Board of Garrett County Commissioners' annual liability insurance premium decreased by 18% between fiscal year 2010-2011 and fiscal year 2011-2012, county administrator Monty Pagenhardt announced on Tuesday.
The Local Government Insurance Trust (LGIT), the county's liability insurer, offers membership, longevity, and loss control credits toward the annual premium. The credits for FY 2011-12 accounted for $98,639 in savings to the county, according to Pagenhardt.
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"The premium is allocated yearly to the county departments, and the credits were deducted from the department's portion of the annual insurance premium," he said in a press release.
LGIT also offered for the first time a $1 million limit for excess liability at no additional charge to entities with primary liability coverage, providing additional security for liability coverage.
"This saved the county an average of $8,000 on the annual insurance premium," Pagenhardt said. "Additionally, claims and losses for liability have been down for all county departments, which contributes to the decrease of the insurance premiums. County management and employees keep safety in mind, and this shows with the decline of claims and lowered premiums."
He noted that the county has not been advised by LGIT or other insurance agents of any major increased to the insurance premiums for FY 2012-13.
More here.
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