Water districts in New Mexico are tasked with ensuring their community has quality water while also controlling special utility authorities. With such a niche market, specialized insurance is required to address each specific risk that the district might face. In addition to reading on and discovering how to adequately secure your water district, protect your operation from front to back with a New Mexico Municipality Insurance policy, which can be tailored to include all of the necessary components listed below.
To avoid falling short on property losses, you may want to consider a total blanket limit combining coverage for both real (building) and personal (contents) property. This is advantageous in the event of a large loss when an entity will want to combine the limits. In addition, separate limits for loss of income and extra expense are preferred. Look for at least $250,000 for each rather than having them combined, grouped with other coverages and sublimited, says Insurance Journal.
Governmental agencies often have a fleet of commercial vehicles for their employees to utilize. Our policies cover auto liability and physical damage incurred by municipal employees while on the road.
A lot is at stake when it comes to securing governmental and public entity information. As we’ve discussed in previous posts, cyber-attacks are a real threat for businesses of all sizes and industries. With this in mind, it’s important for municipalities to carry cyber liability insurance to provide financial and legal relief after an attack. This policy should also include crisis management, which includes public relations, forensic analysis of the breach and credit monitoring.
It’s difficult to imagine every possible claim scenario in such a diverse industry. Municipalities should carry excess liability in conjunction with their comprehensive insurance programs in order to provide an additional financial cushion. Depending on the size and risk profile of your public entity, speak with your trusted insurance agent to decipher how much excess liability you should carry.
About Daniels Insurance, Inc.
At Daniels Insurance, Inc., we specialize in securing cities, boroughs, counties, special services districts, water utilities, villages and townships throughout New Mexico. We will design the right mix of coverage tailored to address your needs, taking into account the municipality’s risk management plan, budgetary parameters, previous claims and the operational experience of your management. For more information, we invite you to contact us today at 800.530.8885.