TITLE
Title
GUILFORD COUNTY CITY INSURANCE ADVISORY COMMITEE EXCESS LIABILITY FUNDS
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SPONSOR
Sponsor
Marty Lawing/Yvonne Moebs
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BACKGROUND
Background
Purpose:
Obtain Board of Commissioners approval to dissolve the county’s participation with the Guildford County/City Insurance Advisory Committee and participation in the Excess Liability Fund.
History:
April 1971 County Manager Witherspoon presented to the BOC for approval to create a joint insurance pool program between the City of Greensboro and the County. The Board was advised that adoption of the plan will benefit the County through increased advisory services concerning its insurance needs and placement may effect savings through joint purchases of insurance by participating in the plan.
Where we are today:
To date the program is not completed as a pool, each entity purchases their insurance coverage needs individually. The Insurance Advisory Committee has limited access to the overall insurance market because the committee provides insurance placement as an agent not a Broker. The services provided are utilized through other Insurance Brokers for options which presents a conflict with layered commissions that result in additional costs to the county. The County has corrected some of these concerns by getting quotes for coverage outside of GCCIAC that have resulted in premium reductions with enhanced coverages.
ELF (Excess Liability Fund) and PID (Property Insurance Deductible)
History:
Property Insurance Deductible Fund:
December 11, 1979 PID was formed. PID’s program design consist of $100,000 annual aggregate deductible program that was deposited by member agencies. These are monies to be utilized for property claims and or premiums. This fund is not utilized to date.
Excess Liability Fund:
In the 1980’s businesses faced an insurance crisis that resulted in businesses turning to self-insurance programs. This result was primarily because insurance was either unavailable or unaffordab...
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