In 1983 eleven school districts in Atlantic and Cape May Counties joined together, in one of the first shared services agreements in the State, to form a Safety Group to purchase workers compensation insurance.
Back then, they used their collective mass in presenting a single buying unit to insurance carriers. Their clout allowed them to collectively purchase workers compensation insurance with dividend potential greater than they could purchase alone. For eight years, this idea worked well generating dividends for many districts.
In 1991, they took the next step by forming the Atlantic and Cape May Counties Association of School Business Officials Joint Insurance Fund, ACCASBO JIF, an all lines, risk bearing joint insurance fund. They believed they could produce even better financial results for themselves than a group purchase, first dollar coverage program.
The dedication and efforts that the members of ACCASBO JIF have put forth has resulted in over $3.77 million returned to member districts in the form of dividends. This money has provided tax relief and enabled districts to fund the purchases of educational supplies, textbooks, and technology.
Today these member districts are committed to providing the best property/casualty insurance and risk management program available.
ACCASBO JIF objectives are to:
- Provide Atlantic and Cape May and contiguous county school districts with a long-term alternative to the traditional insurance market as a meansof stabilizing the cyclical nature of commercial insurance expenditures.
- Maintain pro-active safety and loss prevention programs which address issues inherent in today’s school district operations.
- Carefully evaluate, and aggressively defend or settle claims made against member districts which fall within the coverage afforded through the Fund.
- Carefully evaluate, andaggressively defend or settle claims made against member districts which fall within the coverage afforded through the Fund.
- Maintain a conservative funding posture in an effort to ensure the long-term financial security and stability of the Fund and, by extension, the members.
- Equitably distribute the Fund Budget among the participant member districts.
We are proud to note that we have managed our Fund well and remain committed to our mission to control premiums, tailor coverages, and allow for a sense of stability that does not exist in the traditional insurance market.
To schedule a Concept Presentation and hear how the JIF can help your district, click here.