ORLANDO, Fla…Showing strength in a time of increased financial uncertainty, the Florida Municipal Insurance Trust (FMIT), a leading provider of municipality insurance in the state, announced today that it will provide a refund of $10 million, representing approximately 25% of our Members Property Premium, to its members who held their Property Coverage with the FMIT in policy year 08’/09’ and will renew their coverage for the 10’/11’policy year. This refund is the result of prudent business practice and conservative financial management. Today’s announcement marks the third consecutive year and a total of $28 million that the Trust has delivered as a refund to its members!

 

FMIT Members are owners of the FMIT. This payment to our Members is an example of owners assessing the strength of their program and making decisions to benefit all Members. Refunds will be delivered to FMIT Members who held Property Coverage with the FMIT in policy years 08’/09’ and renew their coverage for policy year 10/11’ beginning in November of this year.

 

“These financial returns indicate what our customers already know; that there are clear benefits of dealing with a provider that stands on firm financial footing,” said Jeannie Garner, director of Insurance & Financial Services for the Florida League of Cities. “Because the Trust is administered by a nonprofit organization and directed by its Members, it offers benefits like this refund and provides its members with unparalleled financial security, peace of mind, and value. Our primary focus is providing service to municipalities.” The Trust has assets totaling more than $400 million and provides the broadest coverage terms in the state of Florida. About the Florida Municipal Insurance Trust The Florida Municipal Insurance Trust, sponsored and administered by the Florida League of Cities, provides workers’ compensation, liability, auto, property and health insurance to governmental entities in Florida.

 

The Trust, which is owned by participating members, is now one of the largest programs of its kind. It offers custom policies and lower rates through a unique revenue-sharing plan that saves participants millions of dollars per year. Of the 410 towns, cities and villages in the state of Florida, 63 percent hold coverage with the Trust.