The Advantages of Pooling Risk
A risk pool, such as MCIT, offers its members benefits that are different from those of the traditional insurance market.
- Cost-effective: As a public entity, MCIT has no profit load, charges no premium taxes and pays no sales commissions, which control the costs of coverage.
- Tailored coverage: MCIT provides broad coverage developed to meet the unique exposures of Minnesota counties and associated public entities, such as snow plows; road graders; voting equipment; rescue dive equipment; law enforcement canines; park shelters; jails; courthouses; and exposures arising from the Open Meeting Law, Minnesota Government Data Practices Act and land use.
- Long-term rate stability: Pooling spreads the cost of risk among the members, thus stabilizing costs of coverage. Risk management and loss control consultants work with members to identify potential risks and develop strategies to mitigate costs, which translate to rate stability.
- Dividends: Fund balance may be returned to members as dividends rather than as profits to shareholders. The MCIT Board of Directors annually reviews the actuary’s analysis to determine if a dividend is fiscally sound and actuarially prudent.
- Member focused and responsive: The board of directors consists of county representatives who understand how their decisions will affect members. The MCIT staff is dedicated to assisting members with their questions and concerns. MCIT monitors emerging risks to offer advice, education and potential solutions to members.
MCIT Membership Benefits
Beyond the general advantages of participating in a risk pool, MCIT offers its members additional benefits.
- Risk management and loss control advice: Loss control and risk management consultants respond to specific concerns members have and help them develop methods to address the issues.
- Training: Statewide seminars, webinars, training videos and on-site speakers give members a variety of ways to learn about managing their risk exposures.
- Informational articles: Resource Library materials discuss specific risks and provide management recommendations.
- Employee Assistance Program: The EAP is provided to employees of each member entity at no cost. The EAP gives employees a way to seek help for personal issues that may also affect their job performance.
- Minnesota Safety Council membership: MCIT membership includes membership in the Minnesota Safety Council, whose mission is to make Minnesota a safer and healthier place to live by helping to prevent unintentional injury at home, on the road, at work and at play. MCIT members have access to all of the Safety Council resources and consultation services as part of membership or for a reduced fee.
- PATROL discounted subscription rate: PATROL (Peace Officer Accredited Training Online) provides Web-based, on-demand training for Minnesota law enforcement to address Peace Officer Standards and Training (POST) and Occupational Safety and Health Administration (OSHA) classroom requirements. Participating MCIT members pay the discounted annual subscription rate of $85 for each of its employees enrolled (regular subscription rate is $110 per year, per employee).