26 July, 2012
The Town of Hopkinton announced today that it has received $13,225 back on its workers compensation and property casualty insurance costs. Committed to keeping the community safer and fiscally stronger, the municipality earned the credits through participation in loss prevention and risk management activities that are part of incentive programs offered by the Massachusetts Interlocal Insurance Association (MIIA), its insurance provider.
“The Town continues to look for ways to save taxpayers’ money, without compromising the high quality services its residents have come to expect,” said Norman Khumalo, Town Manager. “We commend MIIA on its efforts to help communities reduce their insurance costs through education, prevention and risk management.”
The incremental insurance credits are earned through proactive and voluntary participation in MIIA-sponsored activities over the course of the year. The municipality implemented loss control measures that reduce the risk of accidents and property damage, as well as administrative procedures and training programs that promote effective management and operations. MIIA offers these no cost training and educational courses as a membership benefit to help members reduce their risks and insurance premiums. In fiscal year 2012, MIIA awarded over $2.6 million of premium credit collectively to the membership through its Rewards program for a 10-year total of $17.3 million.
“As a non-profit, member-driven organization, MIIA works with its members as partners to develop innovative programs to help relieve some of the financial burden they’re facing,” said MIIA Executive Vice President Stanley Corcoran. “We congratulate our participating members who have taken these proactive actions to mitigate risks, lower their insurance costs and reduce the impact on taxpayers.”
The Massachusetts Interlocal Insurance Association (MIIA) is the non-profit insurance arm of the Massachusetts Municipal Association (MMA). A total of nearly $19 million was returned to MIIA members throughout the Commonwealth in fiscal year 2012 through a combination of MIIA’s Rewards program, loss control grants, participation credits, early payment credits, dividends, and other discounts. As a member-based organization, MIIA’s only focus is to provide excellent service and quality risk management solutions to Massachusetts municipalities and related public entities. Municipal insurance its only business, MIIA insures nearly 400 cities, towns, and other public entities in Massachusetts. For more information, visit www.miia.org and www.mma.org.
