Marketing
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How to choose an Insurance Provider...
First, experience working with public entities is a good place to start.
The Florida League of Cities has provided risk management, coverage, and services to governmental entities in Florida for over 20 years. The excellent quality of those services is reflected in the League’s standing as the largest writer of insurance for Florida municipalities.
Second, how dedicated is the provider to the municipal market?
Did the provider offer coverage during the 1970’s and 80’s when most commercial companies turned their backs on municipalities? Will the provider be in the market tomorrow? Are they now involved in excessive price cutting to obtain market share? If so, history may well repeat itself, with increased rates and restricted coverage. The Florida League of Cities responded during the hard times, and we will be there for our members in the future.
Third, are the coverages designed for Florida municipalities and local public agencies?
The Florida League of Cities’ insurance products were specifically developed for Florida’s unique geographical and legal environments. We provide coverage only for Florida municipalities and public agencies.
Fourth, can the provider offer the level and quality of services?
Does it have experienced risk control specialists and claim personnel dedicated to servicing the municipal market? Are they located in Florida? Can you call them at any time for assistance, and do they respond quickly and efficiently? The League’s services are dedicated to League members only. All services are provided from within Florida and are of a quality unmatched in the industry.
Fifth, what level of risk management training does the provider offer?
Will they design workshops and training sessions specifically for your needs and conduct them on your premises? The League’s risk control department utilizes these workshops and training sessions to reduce our members’ losses, allowing them to control their cost of insurance. How many other insurance providers are interested in helping to lower your premium?
Sixth, you should expect a highly competitive price.
The Florida Municipal Insurance Trust is a non-assessable, non-profit, tax-exempt risk sharing pool. These savings are reflected in the pricing of our products.
Seventh on our list of considerations would be financial strength and performance.
The Florida League of Cities Municipal Insurance Trust has superior financial stability, highlighted by $260 million in assets and over $124 million in surplus.
Eighth on our list would be to look at top management. Who owns and governs the organization, who selects the senior officers, and who is watching the shop?
To whom is their first loyalty? With all of the mergers of commercial insurance companies, do you know the real owner? The Florida League of Cities formed the Florida Municipal Insurance Trust in 1997 to administer an insurance program for its members. A Board of Directors of municipal officials, elected by League members, governs the Trust. In other words, as a member of the League, you are also an owner.
Ninth is a question we doubt any commercial insurance provider would like to hear asked: “Where do all of the profits go?”
As stated previously, the Trust is non-profit. Any excess revenue over losses and expenses is returned to members insured through the Trust in the form of rate reductions, equity distributions, discounts on future premiums, or used for contingency reserves.
Tenth, what about innovation?
Is the provider constantly looking for new and better ways to serve you? Better coverage, better service, simplification that frees your time to do more productive things. Are they finding ways to reduce your insurance costs? The Florida League of Cities was established to meet and serve the needs of municipal governments. We pride ourselves on our ability to out-perform the competition, particularly on service related issues. We are investing in technology to reduce service time on claims and to reduce our expenses. We developed a Y2K endorsement at a time when on one else wanted to provide this coverage. We expect to maintain our position as the market leader for municipal insurance in the State of Florida.
Over 500 governmental entities in Florida completed this evaluation and chose to place their coverage with the Florida League of Cities. If your municipality is currently not a member of our Insurance Trust, please contact us at 1-800-445-6248
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