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Atlantic JIF representative reviews coverage and member services for Somers Point
Summary
A representative of the Atlantic County Municipal Joint Insurance Fund briefed the Somers Point City Council on elevated property-market costs, coverage benefits tied to MEL membership, training programs, cyber testing, stormwater guidance and dividend history as the city considers renewing JIF membership.
A representative of the Atlantic County Municipal Joint Insurance Fund (Atlantic JIF) presented a membership renewal briefing to the Somers Point City Council, describing market conditions, member services and recent financial returns.
The presenter said the insurance market has tightened, with property lines remaining elevated due to factors including an increase in natural-disaster events; the presenter stated there were 27 separate $1 billion events in the previous year and noted Somers Point’s coastal exposure as a specific risk. The representative said Atlantic JIF’s affiliation with the Municipal Excess Liability Joint Insurance Fund (MEL) reduces premium costs when…
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