The New York State Conference of Mayors has commended the Village of Stillwater for joining the New York State Municipal Insurance Reciprocal (NYMIR), saving village taxpayers thousands of dollars on their liability insurance costs.
“The Village of Stillwater has shown great foresight in taking control of its liability insurance costs,” said Peter A. Baynes, Executive Director of the NYS Conference of Mayors. “Mayor (Ernest) Martin and the Board of Trustees are to be congratulated for joining local governments throughout New York State in owning and managing their own insurance company.”
The village decided to join NYMIR earlier this month after learning it could save about 10 percent on its liability insurance costs and get better coverage in 2013-2014.
NYMIR was founded in 1993 with 26 local government subscribing members. Over one-third of the more than 730 general purpose municipalities in New York State are now members, making NYMIR the largest municipal property and casualty underwriter in the entire state.
The village’s liability premium with NYMIR for the new policy year which began July 13 (membership fee included) will be $22,278. The village’s current carrier, Selective Insurance Group, proposed premium was $24,613. Other company quotes were $24,286 from Travelers Insurance and $23,683 from Houston Casualty Co.
In addition to the lower premium, the NYMIR plan also includes several new or enhanced coverage improvements the village has not had in a policy before such as coverage for flood, earthquake and acts of terrorism for up to $1 million. The policy would also add Village Hall to its blanket coverage — something the other insurance companies would not do — for up to $4.6 million, and include a $1,000 deductible reimbursement for physical damage to any municipal employee’s personal vehicle when being used to conduct village business.
“This is a prominent example of local governments working together to control costs,” Baynes said. “We are pleased to have the Village of Stillwater as a NYMIR member and we look forward to many years of providing comprehensive insurance to the village.”