Municipality Insurance New York: The Open Secret To Public Service Success And Survival

Article by Morris Bannister

Prior to 1993, municipality insurance New York was a totally different entity. At that time, New York States many city halls, townships and counties were completely dependent on large insurance underwriters to take care of their burgeoning surety requirements. In order to keep the state’s properties, assets and operations securely protected from accidents, failures and normal wear and tear, insurance was both mandatory and necessary just to keep the local government going.

It is easy to think that underwriters thrust into this situation would be beholden to New York for the invaluable business the state gives them. Unfortunately, these companies are running a business, not charity, so naturally they have to think of their own bottom line as the most important consideration of all. After all, this is the reason why they are in business. Although their most valued client understands their position clearly, it could be at odds with taxpayers with regards to how much insurance takes on the budget.

For example, just to ensure a City Hall building in its entirety is already huge chunk of the budget. Add to this provision for accidents that may happen, entities and individuals that might sue the local government, and of course, a benefits package for public servants that includes life, hospitalization, disability and travel insurance. Litigation fees alone can be horrendous and therefore a significant component of the overall policy.

As expected, the local government would endeavor to find ways to shrink these surety-related expenses but to no avail. It was impossible even for the government to stem the tides of the ever rising premium that even to this day is like a plague troubling not only other government and private entities but the average citizen who needs coverage. This occurs as the big insurance companies take in more clientele and assume the burden of corporate heavyweights in any industry.

As they do so, they continue to assume the risks of these businesses, causing them big time losses when the time comes for private enterprise to make a claim. Trying to lower the premiums they charge is like trying to make a small dam do for an area beset with constantly rising tides of water. For its part, New York was also thrust into the same situation, the evidence of which was the rising deficit in running the day-to-day affairs of the local government.

Today, municipality insurance New York is nowhere those trying times. The city halls of the state had totally broken away from the past. The secret was to band together and to form an alliance that would establish a cooperative, union-like insurance company that takes care of the local governments every insurance need. Doing so did only avert a crisis or crises. With an insurance company owned by the state, the local government infrastructure is able to manage all threats and risks emanating from its assets and operations better. Having come of age, this model should not be the envy of the world, but rather an example worth emulating in order to spread the benefits as far and wide as possible.

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