FOR IMMEDIATE RELEASE
March 21, 2011
CONTACT: Matt Bach
Dir. of Communications
Michigan Municipal League
(734) 669-6317 or firstname.lastname@example.org
League Liability & Property Pool to Distribute $3 Million Dividend
Ann Arbor, MI - The Board of Directors of the Michigan Municipal League Liability & Property Pool – the League's member-owned and controlled group self-insurance program – voted to return $3 million in member equity to current members of the program who renewed coverage as of January 1 or upon renewal through the remainder of the year.
Members who have participated continuously for at least the past five years will share in the distribution in accordance with the percentage that their annual premium equates to the Pool’s total written premium during the preceding year. The Board also approved a distribution schedule that would allow for graduated participation for new and returning members after one year.
It is anticipated that the Pool’s excellent financial position – the result of the efforts of our members to reduce losses – will allow future equity returns to members as well.
The League risk management programs are non-profit and non-taxed. Excess contributions are returned to members through dividends, expanded coverage, or improved services. Over the long run, they represent the lowest cost insurance alternative for Michigan local governments. Along with the League Workers’ Compensation Fund, the League’s two insurance programs will return $10 million to its owner/members in 2011 – money that would have otherwise gone to out-of-state or out-of-country commercial insurers.
League Liability & Property Pool Directors:
Chair: Richard Mack, Mayor, City of Manistee
Vice Chair: Penny Hill, Manager, Village of Kalkaska
John Archocosky, Manager, City of Iron River
Jason Eppler, Manager, City of Ionia
Dan Gilmartin, Executive Director, Michigan Municipal League
Les Hoogland, Mayor, City of Zeeland
Richard Root, Mayor, City of Kentwood
Mark Slown, Manager, City of Rogers City
Michelle Van Wert, Mayor, City of Williamston
For more information:
Pool Administrator: Michael Forster, Director, Risk Management Services
734-669-6340 or email@example.com
About the Liability & Property Pool
The Michigan Municipal League Liability & Property Pool provides comprehensive property, general liability, auto liability, public officials' liability insurance and related services to hundreds of Michigan cities, villages, townships and other public entities. With more than $19 million in annual premiums and more than $49 million in members' surplus, the Pool has remained a financially strong and stable source of insurance and risk management services since 1982. The Pool offers up to $10 million per occurrence for liability, replacement cost property coverage and a host of risk management services that are second to none.
Michigan Municipal League advocates on behalf of its member communities in Lansing, Washington D.C., and the courts; provides educational opportunities for elected and appointed municipal officials; and assists municipal leaders in administering services to their communities through League programs and services.