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Board voices consensus to pursue membership in intergovernmental risk pool IRMA
Summary
After a detailed briefing from IRMA executive director Margo Ealy, trustees signaled consensus to pursue joining the Intergovernmental Risk Management Agency (IRMA); staff to begin steps needed to terminate current coverage and apply.
The Itasca Village Board heard a presentation Sept. 17 from Margo Ealy, executive director of the Intergovernmental Risk Management Agency (IRMA), and signaled consensus to pursue membership in the regional intergovernmental risk pool.
Ealy said IRMA began in the late 1970s and now serves 72 municipalities in northeastern Illinois, offering pooled insurance, in-house claims handling, loss-control services and training. “We are a full service in house risk management, pool,” Ealy said, adding that IRMA does not use a third-party administrator and provides legal and claims expertise in municipal law.
Ealy described core features of IRMA’s program: a transparent, actuarially based contribution (premium) formula; a sliding-scale cap on the portion of very large claims counted against a municipality’s experience; annual surplus returns driven by investment…
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