UCCF 12/11/14: Joint Insurance Fund

2014-993: Renewing the New Jersey Counties Excess Joint Insurance Fund to administer and provide excess insurance for the following: Liability (other than motor vehicles), Property Damage (other than motor vehicles), Motor Vehicles, Public Officials Liability/Employment Practices Liability, and Workers Compensation for the budget period of January 1, 2015 through December 31, 2015 in an amount not to exceed $2,574,513 (Union County portion).
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This issue is not the need for insurance but rather whether the cost of this insurance is fair and worth it.  Since 2011 about $8.5 million has been paid into this fund.  No information on how much that has bought. Again, the freeholder board neither knows nor cares.

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4 responses to this post.

  1. Why should they care, its not their money, its ours. They spend and then justify the increase the following year.

    Reply

  2. Posted by bpaterson on December 16, 2014 at 2:28 pm

    it protects us, director albert says. how, I asked for some example he had none.

    I just wanted to hear, “oh yes, we had a claim 3 years back, there was a civil lawsuit ruled against us for $15 million for an alleged murderer cutting up someone into pieces with a chainsaw tracked back to union county ownership, our limit of base insurance is $10 million. Thanks the stars we had that excess insurance to cover the extra $5 million we would have paid out. So put that in your pipe and smoke it, Mr Paterson”…………….

    Actually a better question would then be, the insurance agent ( probably politically connected) giving the UC govt the base insurance policy, is he overcharging us in covering the county correctly or just pocketing the premiums and shorting us, making us pay another $2-3 million unnecessarily.

    Reply

  3. […] Insurance Fund: A good idea in theory but the excessive cost (here and at the county level) may now be pure profit for somebody as the strengthening of the Tort Claims Act (which I heard was […]

    Reply

  4. […] Insurance Fund: A good idea in theory but the excessive cost (here and at the county level) may now be pure profit for somebody as the strengthening of the Tort Claims Act (which I heard was […]

    Reply

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