12/29/2015 - Medford receives highest dividend from the Municipal Insurance Program
Twenty-three towns (23) will share $550,000 in dividends released by the Burlington County Municipal Joint
Insurance Fund (BURLCO JIF) earlier this month.
The dividend proportionate share returns range from $1,427 to Wrightstown Borough to as high as
$94,258 to Medford Township.
Member municipalities can choose to use the money as a credit
against their next year’s premium, receive it in the form of a check and/or apply it to the aggregate
excess loss contingency fund which is a “rainy day fund” that members can utilize in future years.
The BURLCO JIF is a public entity that is owned and controlled by its Member Municipalities; is not an
insurance company, and is monitored by the NJ State Department of Banking & Insurance. The State of
New Jersey allows public entities to collectively pool their resources to insure for property, liability and
workers’ compensation coverage. The BURLCO JIF has saved Burlington County taxpayers millions of
dollars in insurance premiums and has returned $6,755,855 in dividends to member municipalities.
Premium savings are made possible by keeping overhead costs low and placing emphasis on loss control
and claims management. Dollars not spent on claims are returned to members as dividends.
The JIF’s 2016 budget
reflects no increase over 2015 and members will receive dividend checks for the 21st straight year.
The BURLCO JIF, established in 1991, is one of the most successful examples of interlocal cooperation in
the history of the State. To learn more visit their website at www.burlcojif.org