Ohio County To Save Money on Property Insurance
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WHEELING - Ohio County commissioners are joining with other counties in West Virginia to get a cheaper rate on property insurance, and it should save them about $83,000 next year.
The commissioners this week opted to move away from a private insurance carrier to the West Virginia Communities Risk Pool. The risk pool is a collaboration of county commissions, municipalities, and emergency service providers in West Virginia coming together to share insurance costs at a lesser price.
The county would have paid about $412,000 this year for its property, casualty and liability insurance. Through the risk pool, the price is going to be $329,000, explained County Administrator Randy Russell.
"This represents a significant savings with lower deductibles and better coverage," he said.
Commissioners had expressed questions about the change during a meeting last month, and Solicitor Don Tennant was asked to investigate.
"I'm comfortable with moving to the risk pool," Tennant told commissioners. "The reason we didn't go with the risk pool initially some years ago was this idea that there was risk above the premium that we paid. So, they've taken action. Back in the initial stages, it was just counties involved. Now there are hundreds of municipalities and other authorities involved to spread that risk across more entities.
"Secondly, they reinsure through umbrella coverage the entire pool. We would never have to get into our pocket a portion or allocation of some catastrophic risk. I'm comfortable that we are safe in that area. They have never had to make a special assessment among the members of their pool."
The next regularly scheduled meeting of the Ohio County Commission is set for 8 a.m. on Aug. 4 at the City-County Building, 1500 Chapline St., Wheeling.