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Franklin County hears risk-pool briefing as liability costs and assessments rise
Summary
The Washington Counties risk pool briefed Franklin County commissioners on rising claim costs, growing self-insured retentions and how Franklin’s liability assessment (~$1.9M) was calculated; commissioners pressed for comparisons as the county weighs options ahead of a planned withdrawal.
Chuck Boyd, executive director of the Washington Counties risk pool, told Franklin County commissioners on March 25 that steep increases in claims and large jury verdicts have pushed up costs for pooled liability coverage and tightened the pool's reserves.
At a presentation to the Board of Commissioners, Boyd said the pool now reports roughly $112 million in assets and $103 million in liabilities, leaving a net position that fell from about $26 million in 2021 to $8.9 million at the end of 2025. ‘‘We’re very short of our target funding model,’’ Boyd said, noting actuarial targets between $129 million and $256 million. He said the board injected $15.4 million in the most recent rate action to help close the gap.
Why it matters: Boyd said Washington’s legal environment — notably the lack of tort-cap limits…
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