News

MCIT Fundamentals: Coverage for Objects of Fine Art

August 05, 2022

Members may cover objects of fine art with MCIT by providing a current appraisal, which is subject to MCIT underwriting approval. Items are scheduled individually at their appraised value using the MCIT fine arts coverage endorsement. MCIT defines “objects of fine art” as including but not limited to: Paintings Murals Portraits Prints Drawings Photographs Sculptures …

Virtual Risk Management Workshops Coming This Fall

August 05, 2022

MCIT will present virtual risk management workshops at no cost throughout the fall. Workshops cover key areas of concern for members. The sessions are informative and engaging while providing practical tips members can apply to the workplace immediately. Attendees have the opportunity to ask questions during the workshops. Each session is between 45 and 60 …

How Members’ Contribution Is Determined

August 05, 2022

Each MCIT member will receive an estimate of the organization’s contributions for the coming calendar year later this month to assist with its annual budgeting process. Each member pays a different total amount of contribution based on its own exposures versus other members of the trust. For example, a member with a new multimillion dollar …

4 Steps to Strengthen Cyber-security

August 05, 2022

In 2020, the average cost of a cyber-incident for public entities was $136,000 nationally, and between 2016 and 2020, the number of cyber-incidents experienced by public entities increased 150 percent.* This is a significant risk for Minnesota counties and other local government entities. Cyber-security experts often cite four simple steps organizations can take to prevent …

Board Sets 2023 Rates

August 05, 2022

The MCIT Board of Directors’ rate setting discussion in July is an analysis of anticipated frequency and cost of future claims; member risks and initiatives; and the outlook for future operating costs—most notably, the cost of reinsurance. The setting of contribution rates is perhaps the most important decision MCIT makes affecting the bottom line of …

MCIT Responds to Storm Claims

August 05, 2022

Following a relatively quiet 2021 spring and summer storm season, MCIT members have experienced a high volume of storm claims in 2022. Three significant events are primarily responsible for the majority of these claims: hail and windstorm damage from May 9-12; hail, windstorm and tornado damage on May 30; and a windstorm June 20. Members …

WCRA Surplus Distributed to Members

August 05, 2022

Earlier this year, the Workers’ Compensation Reinsurance Association (WCRA) announced a surplus distribution to its members. MCIT is a member of the WCRA, which provides workers’ compensation reinsurance to MCIT and others in Minnesota. According to the WCRA, the “surplus distribution is the result of excellent investment returns and reductions in loss reserve liabilities from …

$7 Million Dividend Declared for Members

August 05, 2022

During the MCIT Board of Director’s July meeting, Scott Anderson of Actuarial Advisors, presented the results of the annual dividend analysis. It considers past performance of both the property/casualty and the workers’ compensation divisions, focusing on claim and reserving results, as well as MCIT’s investment portfolio performance. Upon conclusion of the report, the board voted …

Cyber Coverage in Question for 2023

July 28, 2022

MCIT Executive Director Gerd Clabaugh visited with many county commissioners in June discussing the dynamic nature of cyber-security coverage. Since 2017 MCIT has provided all members access to a suite of basic cyber-security coverages that responds to losses arising from: Data compromise and the accidental release of personal information Unauthorized access to a computer system …

Multifactor Authentication Improves Cyber-security

June 27, 2022

Provided by Hartford Steam Boiler Nationwide from 2016-2020, the average cost of a cyber-claim for small to medium enterprises was $145,000, but some claims were more than $100 million.* MCIT members can take steps to reduce their exposure by adopting cyber-security best practices. Setting up multifactor authentication on important applications, access to sensitive data and …