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Public Entities & Schools
Definitions
Public entity insurance
Coverage for public entities such as
municipalities, counties, state, provincial and federal governments
and their agencies. Such entities have significant property and
casualty exposures. Many of their exposures (such as police and fire
department liability, road design and maintenance, public beaches and
playgrounds) are unique and difficult to insure.
Reciprocal Insurance Exchange
An insurance
market of reciprocal agreements of indemnity among persons known as
subscribers. The exchange is effected through an attorney-in-fact
common to all persons. Subscribers agree to become liable for their
share of losses and expenses incurred among all subscribers and
authorize the attorney-in-fact to exchange insurance with the other
subscribers, pay losses, invest premiums, recruit new members,
underwrite new business, receive premiums and effect contracts of
reinsurance.
Reciprocals, like other insurers, are regulated to guarantee their financial stability. However, they do have certain advantages over both informal pooling arrangements and traditional insurers. · Friction costs such as commissions and broker fees are reduced or eliminated · Direct Access to the wholesale reinsurance marketplace is available · Capital and surplus requirements are drastically reduced or eliminated · Tax free status allows investment income to accrue directly to the members to help pay claims · The members determine what kind of insurance their reciprocal will provide and what additional services will be offered · Reciprocals are not-for-profit organizations and, unlike private industry, are only motivated by the desire to serve their membership.
Insurance Sources
(General - Not necessarily accessible by TCIM)
- Canadian Universities Reciprocal Insurance Exchange
- Ontario Municipal Insurance Exchange
- OSBIE - The Ontario School Boards’ Insurance Exchange (the Exchange) is a school board owned, non-profit insurance program with 91 members, representing 89% of the school boards in Ontario. The primary goals of the Exchange are to insure member school boards against losses, and to promote safe school practices.
- New York Municipal Insurance Reciprocal
- Public Utilities Risk Management Association - PURMA is a not-for-profit organization founded to provide publicly-owned utilities consistently superior and cost-effective information, education and business solutions to their risk management, insurance, financial services and business development needs.
- SUMA - Saskatchewan Urban Municipalities Association.
- The Guarantee Company of North America - GCNA - The Guarantee Company of North America is a Canadian owned property and casualty insurance company which has been serving the insurance needs of Canadians for over 130 years.
- United Educators Insurance - U.S. school risk retention group.
- Western Financial Group
Other Resources
- Association of Governmental Risk Pools
- Best Practices in Risk Management - Private and Public Sectors Internationally.
- International City / Council Management Association
- Manitoba School Boards Association
- Public Agency Risk Managers Association
- Public Entity Risk Institute
- Public Risk Management Association (PRIMA)
