June 1, 2009
Oswego County Saves More than $200,000 Through New York Municipal Insurance Reciprocal Program
Oswego County recently received a check from the New York Municipal Insurance Reciprocal (NYMIR), a local government-owned insurance program that is returning a share of the capital investment made by member municipalities. Pictured from left to right are Mark LaVigne from the New York State Association of Counties, Oswego County Legislature Chairman Barry Leemann, and Ken Andrews, NYMIR immediate past president from the Town of Dewitt.
OSWEGO - County Legislature Chairman Barry Leemann today announced that Oswego County has seen a significant cost savings in the administration of its property and casualty insurance program over the past few years.
“We live in a day and age when every dollar counts - not only for families but for local governments and businesses,” said Chairman Leemann, District 4, Amboy. “I am happy to announce that Oswego County recently received a $76,706 return of capital from the New York Municipal Insurance Reciprocal (NYMIR) municipal insurance program. We saved more than $135,000 when the County Legislature switched to NYMIR in 2002.”
NYMIR is a non-profit, statewide property and casualty insurance program for New York State's local governments. Member government premium payments are experience-rated in order to reward those who practice sound risk management.
“This benefits the taxpayers by earning a return of capital on their investment. Oswego County's participation in the program demonstrates our commitment to risk management and a conservative investment philosophy,” said Chairman Leemann.
The return of capital demonstrates the strength of NYMIR, which is “the largest, most successful example of municipal cooperation anywhere in New York State,” according to Stephen J. Acquario, executive director of the New York State Association of Counties (NYSAC), which helped create the reciprocal program in 1993. “We are pleased to play a role in this innovative insurance program designed specifically for local governments in New York State.”
Formed by a partnership among New York State Association of Counties, the New York Conference of Mayors and the Association of Towns of the State of New York, NYMIR was licensed by the NYS Insurance Department in 1993. It is now the state's largest underwriter of municipal property and casualty risk, with almost 600 town, city, village and county member subscribers from across the state. NYMIR employs an active risk management program and aggressive claims defense philosophy to reduce its members' exposure to liability.
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