Tag: Tom Collins

With $1.4M in Outstanding Insurance Claims, Maywood Looks to Improve Risk Controls

Screen Shot 2017-02-25 at 10.48.27 AM.png

A chart detailing Maywood’s paid, outstanding and total incurred expenses from insurance-related claims that date back to 2011. | Insurance Program Managers Group 

Saturday, February 25, 2017 || By Michael Romain || @maywoodnews

Going back to 2011, Maywood has incurred $3.7 million in expenses related to medical and professional liability insurance, with nearly 230 claims having been filed since then. So far, the village has paid $2.3 million, and owes $1.4 million, on those claims.

The majority of the village’s insurance-related expenses come from the police department. Since 2010, the department has incurred $2.2 million in insurance-related expenses, with $1.1 million still to be paid.

The department has dealt with 74 claims over seven years, roughly half of them related to professional liability, which is, by far, the most expensive type of claim. Professional liability claims amount to almost all of the department’s incurred losses.

screen-shot-2017-02-25-at-10-43-37-am

The fire and public works departments generate the majority of the village’s remaining insurance-related expenses.

During a Feb. 15 Legal, License and Ordinance Committee (LLOC) meeting, Mark Walters, of CS Insurance Strategies, said that the 2015-16 policy period was a particularly active one for workmen’s compensation claims. During that year, the village incurred $1.4 million in losses on 41 claims. Roughly half of that amount was related to professional liability.

Walters said that the village is responsible for the first $650,000 of each claim, so “that’s coming dollar for dollar out your budget and it’s not really discretionary spending.” He added that the village should do “everything we can” to mitigate insurance-related expenses. 

Tom Collins, of Mesirow Insurance Services, said that his company will work with each village department to review safety policies and procedures, identify any shortcomings and suggest improvements.

Collins said that employees will also undergo ergonomics training and that proper lifting techniques will be reviewed in order to cut reduce the amount of back and neck injuries.

I’m glad to hear you focus on that and I do think we need as much mitigation as possible for those kinds of things,” said Trustee Michael Rogers, adding that board members often discuss liability issues in executive session and often wonder what measures can be implemented to reduce claims. VFP

screen-shot-2017-02-25-at-10-45-33-am

screen-shot-2017-02-25-at-10-45-49-am

screen-shot-2017-02-25-at-10-46-16-am

 

 

Advertisements