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tC , !RUS COU I <br /> HgRIH CAROLINA <br /> <br />To: Board of Commissioners <br />From: Blair Bennett ~ <br /> <br />Date: September 9, 1999 <br /> <br />Subject: <br /> <br />Status Report on Liability and Property Insurance Fund <br /> <br />The decision was made beginning July 1, 1997 to become self-insured for Liability, Property, Bonds, Professional <br />Liability and Boiler Insurance. We set up a special corporation, known as Carolina Governmental Alliance, which <br />has it's own articles of incorporation, in which to administer this particular type of insurance coverage. Currently <br />Rowan County is also the only other member, but we can allow other counties to participate. Each county is <br />ultimately responsible for their own claims; however, we administer and track expenses and revenues through one <br />bank account. We meet quarterly with our consultants to review claims and study current issues. Please notice in the <br />compilation below that actual claims for the fiscal year amounted to $129,626.14. These payments were allocated <br />back to the particular year in which the claims actually occurred. Those allocations were as follows: 1998 - <br />$46,903.48 and 1999 - $82,722.66. Our other major expense is excess insurance, amounting to $176,075.13, <br />purchased to protect the pool from catastrophic toss. This has certainly been financially beneficial for Cabarrus <br /> <br />County considering the first two year's operations of the Self-insured Fund as evidenced below. <br /> <br /> 1998 1999 <br /> <br />Revenues Received: <br />Departmental Revenues <br />Interest Earned/CGA <br />Interest Earned/FCNB <br />Insurance Reimbursements <br /> <br />Total Revenue <br /> <br />Inception to Date <br /> <br />$449,164.22 $495,996.52 $945,160.74 <br />10,441.47 22,149.36 32,590.83 <br />136.20 219.32 355.52 <br />21,854.52 12.502.50 34.357.02 <br />481,596.41 530,867.70 1,012,464.11 <br /> <br />Expenses Incurred: <br />Claim administration and consultant <br />Excess insurance purchased <br />General Liability Claims Paid <br />Auto Liability Claims Paid <br />Claim Reserves General/Auto <br />Operating expenses <br /> <br />Total Expenditures <br /> <br />Savings <br /> <br />9,500.00 10,500.00 20,000.00 <br />152,101.00 176,075.13 328,176.13 <br />78,286.4 [ 1,550.18 79,836.59 <br />17,097.17 81,172.48 98,269.65 <br /> 8,244.71 <br />351.65 559.60 911.25 <br />257,336.23 269.857.39 535,438.33 <br /> <br />$224,260.18 $261,010.31 $477,025.78 <br /> <br /> Finance Department <br />707 · Concord. NC 28026-0707 · (704} 788-8!04 <br /> <br /> <br />