Backed by CIRMA's financial strength, our Liability-Auto-Property coverage program is tailored to meet the needs of Connecticut municipalities, public schools, and local public agencies. As the largest and most experienced municipal insurer in the state, CIRMA underwrites unique municipal and school exposures accurately so that they are properly insured at the best possible price. CIRMA's claims experts and counsel have a superior track record in successfully protecting members against liability claims. Our auto-property claims and restoration specialists resolve claims promptly and expertly, preventing costs from escalating and returning you to full operation as quickly as possible.
Coverage for Liability CIRMA protects your entity against financial loss resulting from claims of injury or damage caused by your employees and volunteers. CIRMA's liability coverage includes many coverages important to municipalities and schools. For example:
CIRMA provides broad liability coverage for public and school officials, and law enforcement personnel. Auto Automobile coverage includes the time-saving, worry free Fleet Automatic coverage--all your vehicles are covered.
Property. CIRMA's property coverage isn't limited to properties listed on the schedule attached to a policy. Builder's Risk coverage for up to $2m is also included, and higher amounts are available for major projects. Flood and earthquake coverage is automatically included with limits up to $10m.
Equipment Breakdown. High value equipment is covered against most causes of sudden failure. Coverage is on a replacement cost basis.
CIRMA recently completed an appraisal program conducted by CBIZ Valuation Services, Inc. to better understand the value of its members real property, their structure and insurable characteristics. The program has enabled CIRMA to obtain more favorable reinsurance pricing, thus helping to stabilize its rates, and providing equity across the pool.
Through the use of the most sophisticated hurricane-risk modeling available today, a leading risk modeling agency estimated that damage from a storm of even biblical magnitude is comfortably within CIRMA's reinsurance limits. Losses from catastrophic events are typically absorbed by a reinsurer, the "insurer's insurance company." These companies play an important role in the industry, paying claims above a certain amount and up to a specified limit. The hurricane model, created by a leading independent risk modeling agency, determined that CIRMA's property reinsurance limit of $500m is more than sufficient for a "2,000-year event," which would cause damages to insured property at just over $400m. Actuaries and weather modelers rate a storm's intensity by its probability of occurring over a period of time. Thus, a 2,000-year storm is the largest storm expected to occur in a 2,000-year period, and has a .0005% chance of occurring in any one year. Damage estimates allow for increased repair costs caused by a surge in demand after a catastrophic storm. The damage estimate was further fine-tuned by use of construction classifications, occupancy information, and protective measures of insured buildings. Because a very large percentage of the property that CIRMA insures are school and town halls built of brick or stone, they are much more likely to withstand the most severe of storms than wood-frame homes. The model employed to calculate CIRMA's exposures used historical storm frequency, detailed storm behavior information, and comprehensive structural data. It's also the first model to simulate "transitioning hurricanes," which are more likely to occur in the Northeast where the presence of the jet stream increases the forward speed of the storm and its wind damage.
Connecticut Interlocal Risk Management Agency900 Chapel Street * New Haven, CT 06510 * Ph: (203) 946-3700 * Fax: (203) 773-6971
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