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Rankin County weighs three property-casualty insurance options, staff to return with recommendation
Summary
County officials reviewed three offers to renew property-casualty coverage, including a fully insured renewal, a pooled program through MASET and a heavily self-insured proposal; no vote was taken and staff will return with recommendation before mid-November.
Rankin County officials spent an extended portion of their Oct. 1 meeting reviewing three options to renew the county's property-casualty insurance, including the county's current renewal offer, a pooled program through MASET and a heavily self-insured proposal that staff advised would require large up-front funds.
The discussion, led by Paul of the county risk-management team, focused on differences in premiums, retentions, coverage for law-enforcement and jail-related claims, and whether the county should consider higher deductibles on special lines such as volunteer-fire equipment. “We can definitely say, well, wholeheartedly, we could get behind any of the 3 offers that we have,” Paul said, adding that two options — the current renewal and the MASET pooled quote — were the most competitive.
Why it matters: the county's choice affects near-term costs, annual premium volatility and how claims would be funded. One self-insured option would require what Paul said was an $850,000 contribution to a loss fund in addition to premiums; staff warned that would be “more money out for the county right now.”
Key points from the review - Premiums and structure:…
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