County saves again with state insurance plan
 
 

By MICHAEL SIMMONS
Madison County Journal

 

 

Madison County's participation in a property and casualty insurance pool continues to save taxpayers money, officials say.

On Monday, the Board of Supervisors renewed coverage with the Mississippi Association of Supervisors Insurance Trust (MASIT), which they entered in last year, at a slightly lower annual premium than in 2014.

The switch to MASIT last year saved taxpayers over $53,000 from then-policy holder Zurich.

The annual premium came in at $406,754, which is $14 less than last year's premium.

County Administrator Mark Houston said MASIT has been good for the county.
"We're very happy with it," he said. "It's saved money and we have better coverage."

Houston said there is good communication with MASIT and their local insurance representative.

"Being in that pool helps us and also helps other counties," Board President Karl Banks added. "It's always good when you can save money and still maintain the same amount of coverage and protection of the county's resources."

MAS Executive Director Derrick Surrette said the purpose of the pool is to keep rates close to flat, with little to no fluctuation.

"That way that helps the county budget, and helps keep insurance rates steady and low," he said.

There are currently 34 counties currently participating in MASIT and Surrette anticipates seeing that number grow this year.

"I don't think it's an 82-county pool at this point," he admitted. "With early development of a pool, we're not the answer for every single county in the state."

Currently, the six coastal counties are not eligible for property insurance, only liability.

Surrette said they will have final figures April 1, but he believes there will be a "pretty significant net profit" in the loss fund of the pool. Continued profits could lead to dividends being paid out back to participating counties.

"We're keeping that dollar turning over seven times in Mississippi," he said. "The other companies - no knock against them - leave the 10-15 percent commission back here and everything else is done (out of state). We should be taking these tax dollars and try to turn them over seven times."