IBEX Insurance Reviews $510K Liability Renewal for Local Government Board

In the bustling atmosphere of Barry County's city hall, commissioners gathered for a meeting that promised to address key issues affecting the community. Among the discussions was the potential appointment of a new board member, Jerry, whose extensive experience was acknowledged by the commissioners. As the meeting progressed, the focus shifted to a crucial topic: the renewal of the county's liability insurance.

Craig Manser from IBEX Insurance presented the renewal details for property and liability insurance with the Michigan Municipal Risk Management Authority (MMRMA). He highlighted a modest increase of 3.8% in the premium, bringing the total to $510,009.63. This increase was attributed to a rise in property values, which included new assets such as antennas and vehicles. Manser noted that Barry County fared better than many others, as the average increase across the state was between 4% and 5%.

A significant aspect of the MMRMA's structure is its pooling model, which allows members to share in the financial benefits. Manser revealed that Barry County would receive a distribution of $210,265 this year, a reflection of the county's long-standing membership and favorable loss history. Since joining MMRMA in 1985, the county has received over $2.9 million in distributions, underscoring the advantages of being part of this cooperative insurance model.

The discussion also touched on proactive risk management initiatives, including grants for body cameras and training programs, aimed at reducing potential liabilities before they arise. Manser emphasized the importance of these measures, stating that they represent a shift from reactive to proactive risk management.

As the meeting continued, commissioners engaged in a detailed dialogue about the intricacies of the insurance process, including how premiums are calculated and the necessity of maintaining reserves for potential losses. The conversation highlighted the collaborative spirit of the meeting, with commissioners eager to understand the nuances of their insurance coverage and the financial implications for the county.

In conclusion, the meeting not only addressed immediate concerns regarding insurance renewal but also reinforced the importance of community collaboration and proactive risk management. As Barry County navigates its future, the insights gained from this meeting will undoubtedly play a crucial role in shaping its approach to governance and community safety.