The Pike County Fiscal Court saved an estimated $380,000 on its liability insurance over a two-year period and more than $170,000 on its insurance premium for the current fiscal year, the court announced at its meeting Tuesday.
Justin Maynard, county loss control officer, told the court that the county had savings in a number of different areas. One of the biggest savings related to the county’s insurance premiums.
Maynard said the county’s current insurance premium is $756,731. He said the estimated premium for next year is $579,699, a total savings of more than $170,000.
“If everything was to hold true, as it is today, and we didn’t have any open claims, that number would be much more,” he said.
Maynard said the court has saved an estimated total savings of $380,000 in liability insurance over a two-year period.
Maynard told the court that its losses are down.
“As I’ve told you, from July 1 to Dec. 31, we had $100,000 in losses already accumulated. From Jan. 1 to June 30, we had $19,000,” said Maynard. “So, they’ve dropped tremendously.”
He said those numbers do not account for adjusted losses (medical only).
Maynard said from 2015-16 to 2016-17, the county was “well above” its expected losses. “In 2017-18, we came in at $93,385 — that is our medical only. That is the adjusted (total) for our medical-only losses. So, we were well under our expected losses,” said Maynard.
Additionally, Maynard said the court has not recorded any lost time accidents since the beginning of the current fiscal year. He said no lost time accidents have been recorded in the last two quarters.
“We only have eight losses total after January 1,” he said. “I think our total number ended up being somewhere around 37 and we had eight (since Jan. 1). So, we had 29 prior to January 1. We have made a lot of changes and I want to thank the court for believing in me and the proposals that I asked you to adopt. As you can see, they are working and they will continue to work.”
Maynard said there is still work to be done.
“But, we are, by far, ahead on this. We are moving in the right direction,” he said.