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Town receives check for insurance distribution
CLAVERACK—With negative economic news cascading down from Washington and Albany each week, every dollar counts for local governments and local taxpayers. On July 21, the Town of Claverack received a check for $1,237.50 from the New York Municipal Insurance Reciprocal, the first of three installments which represent return of capital from an insurance program it first joined in 1995.
“Our members are extremely pleased to be receiving a check from NYMIR,” said G. Jeffrey Haber, executive director of the Association of Towns. “This is an example of how municipalities can voluntarily collaborate to insulate their taxpayers from the volatility that the economy and, particularly, commercial insurance markets often inflict on municipal budgets.”
The funds were presented to Supervisor James Keegan by Richard Nesbitt of Johnnie Walker Insurance, the town's insurance broker. He was joined by Karen Buckley, NYMIR marketing representative.
The Town of Claverack is one of more than 550 local governments from across the state to receive a check from the New York Municipal Insurance Reciprocal (NYMIR), which is returning the capital investments of the governments who have been in the program for five years or longer. NYMIR will be distributing $7.5 million statewide.
The NYMIR Board of Governors is made up of 13 local government officials from across the state. At their November 2008 meeting, the Board decided to initiate a program by which NYMIR will begin to return a substantial portion of the initial capital contribution all subscribing members made to the reciprocal. “This is a testament to the strength of our program and the sound risk management practices of each of our members,” said NYMIR President John Layne from Rockland County. “In light of these particularly challenging times, the NYMIR Board is especially pleased to begin to share with its members the fruits of our longstanding commitment to risk management, underwriting discipline and a conservative investment philosophy.”
“Our members are extremely pleased to be receiving a check from NYMIR,” said G. Jeffrey Haber, executive director of the Association of Towns. “This is an example of how municipalities can voluntarily collaborate to insulate their taxpayers from the volatility that the economy and, particularly, commercial insurance markets often inflict on municipal budgets.”
The funds were presented to Supervisor James Keegan by Richard Nesbitt of Johnnie Walker Insurance, the town's insurance broker. He was joined by Karen Buckley, NYMIR marketing representative.
The Town of Claverack is one of more than 550 local governments from across the state to receive a check from the New York Municipal Insurance Reciprocal (NYMIR), which is returning the capital investments of the governments who have been in the program for five years or longer. NYMIR will be distributing $7.5 million statewide.
The NYMIR Board of Governors is made up of 13 local government officials from across the state. At their November 2008 meeting, the Board decided to initiate a program by which NYMIR will begin to return a substantial portion of the initial capital contribution all subscribing members made to the reciprocal. “This is a testament to the strength of our program and the sound risk management practices of each of our members,” said NYMIR President John Layne from Rockland County. “In light of these particularly challenging times, the NYMIR Board is especially pleased to begin to share with its members the fruits of our longstanding commitment to risk management, underwriting discipline and a conservative investment philosophy.”
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