Greenbrier County Joins West Virginia Risk Pool
Originally, the West Virginia Risk Pool was created to provide property and liability coverage to its counties all around the state. Recently, though, there is a movement to include Workers Compensation coverage.
Formed 3 years ago by just 19 counties, the West Virginia Counties Group Self-Insurance Risk Pool, Inc. provided liability and property coverage. Some of the coverage the pool offers is vehicle fleet coverage and power equipment and machine coverage.
As of today, the pool has grown from 19 chartered counties to 41 county related authorities in addition to 34 county commissions. One of the 19 charter members is Greenbrier County who recently voted to include workers compensation in its current coverage.
Greenbrier County was one of the largest risks in the pool and now is reaping the benefits. Risk pool officials estimate the county will receive $3,200 in the form of a rebate. According to the officials, losses were lower than anticipated and the risk pool now has a surplus of $1.75 million.
Along with rebates, the risk pool is expected to lower rates. This is a plus for its members. The risk pool currently sets rates for its workers’ compensation coverage, which should be available to Greenbrier, effective June 1. I’m sure it will only be a matter of time before all of West Virginia will follow Greenbrier County’s lead.
©J&L Risk Management Inc Copyright Notice
