Foa & Son specializes in the risk management and insurance needs of municipalities.
Municipalities Insurance Solutions
Municipality officials have neither the time nor the experience to become insurance experts. For the most part, town and village staff levels are at all-time lows, yet risks are always increasing. Municipalities do not need someone to just sell them insurance; they need a partner who can essentially become their insurance department.
Foa & Son takes the responsibility of servicing a town’s or village’s insurance needs very seriously. There is so much more to an effective risk management strategy than purchasing coverage, and we are ready to help guide municipalities through it all: from employee safety training, to claims reviews that identify fraud or unsafe conditions, as well as legal assistance.
Purchasing insurance polices, Foa & Son helps save municipalities money — normally 17% or more — by reviewing and auditing all current coverages, benchmarking the town’s or village’s coverages and limits against similar sized municipalities, and aggressively negotiating with A-rated insurance companies to obtain the lowest rates. Foa & Son negotiates the lowest premiums from A-rated insurers for insurance that is really needed.
Exclusive articles relating to insuring Municipalities
It’s Spring, and right on schedule many areas face renewed risk of flood from snow melt and spring precipitation. Recent trends of more frequent, severe and unpredictable weather events can’t be denied, and smaller “nuisance” flood events are occurring coast to coast. Although each event is considerably smaller than the large-scale floods covered by the news, the frequency of their occurrence is much higher, creating a hefty financial impact on cities and their citizens.
The dangerous condition that cropped up in northern California in February at the Oroville Dam highlights a real issue for business owners and risk managers posed by the deteriorated condition of our nation’s infrastructure. Much of the nation’s roads, bridges, dams, ports and other vital areas have surpassed their intended lifetimes. A well written insurance program is necessary to anticipate the disasters that are inevitable due to the deteriorated infrastructure.
As a type of often-overlooked insurance, fiduciary liability policies have always had quite low premiums because of a perceived lack of serious exposure. But plan sponsors are at more risk than initially thought, due to complaints from participants about investment returns or results. To minimize the risk of litigation, it is crucial to carefully review your fiduciary liability policy to ensure protection from outstanding claims.
A look at your vehicle maintenance and fleet safety program would be beneficial at this time. In the past commercial auto claims’ frequency and cost was pretty steady and predictable, and calculating damages and costs from bodily injuries was a fairly straightforward process. The past few years, however, have seen a series of very large and unexpected judgements that have upended old calculations, and which are having a negative impact on the heavy commercial auto insurance market.
Municipalities Insurance Experts
Email Foa & Son a copy of your village’s current insurance policies to Foa & Son, and we’ll get to work immediately.