Skip to Main Content

Uncertain Future for Local Government Property Insurance Fund

Monday, March 2, 2015
Print

Governor Walker’s budget proposal for 2015-17 includes some significant changes for public entities. Most notably, the Governor recommends closing the Wisconsin Local Government Property Insurance Fund to new policies and then non-renewing existing policies

Background

The Fund was created by the Legislature in 1903 to provide property insurance on all state properties. Extensions to the Fund’s authority in 1911 & 1913 permitted counties, cities, villages, towns, school districts and library boards to obtain coverage on a voluntary basis. Coverage options include Real & Personal Property, Property in the Open, Money & Securities, Inland Marine/Equipment, and Auto Physical Damage.

Impact on Wisconsin Public Entities

Closing the Fund would significantly impact first party insurance coverage and risk transfer options for participating entities. This will be especially true for those without effective mitigation techniques to prevent and diminish claims, such as Safety & Loss Control programs. The Public Entity team at The Horton Group is prepared to assist entities looking to the insurance marketplace for alternative approaches to protect their assets & interests. We have been actively serving public entities in Wisconsin since 1973. Our risk advisory work with over 600 client entities contributes to expertise and market access to identify coverage solutions that are tailored, cost conscious & backed by a proven service commitment. We have established relationships with multiple insurance companies that have an appetite & expertise for insuring Wisconsin public entities and we are adept at “telling your story” to them. To learn how we can assist with your needs today or prepare your entity for the eventuality proposed by Governor Walker.

Material posted on this website is for informational purposes only and does not constitute a legal opinion or medical advice. Contact your legal representative or medical professional for information specific to your legal or medical needs.

Get Started

Let Your Aspirations Set the Agenda

Grow with who you know. Reach out to us today and start the conversation, so you’re better protected and prepared for what comes next.

Talk to an Advisor

man looking left