All too often, public entities view insurance programs as a one size fits all policy. However, by looking to obtain the necessary and appropriate coverage to protect themselves, their organizations and their constituents, they often lack the clarity, experience and information to make fully informed decisions to secure the right program for their needs. Therefore, to be adequately protected, your organization needs a comprehensive and customized New Mexico Municipality Insurance program.
In terms of coverage, public entities are in need of specialty protection. Not only are public entities responsible for their own property and workers, but they are also responsible for the public they serve, as well. Due to this, specialty coverages are a requirement for these insureds. Therefore, a customized policy must be crafted to protect against your specific risk exposures and the liabilities you face.
It is also important to note the exclusions that apply to the policy. For example, if the public entity is required to perform intentional acts in pursuit of their public benefits or duties such as willingly halting utility service to complete maintenance, there would be an obvious discrepancy if the policy excluded these acts. As these are typically not included in liability policies, it’s wise to discuss the limitations with your insurance professional.
The valuation of municipal assets and service vehicles are also considerable factors in obtaining the proper insurance. Ask about realistic replacement cost in the event of an accident or property damage. Especially as public entities are high-value, making sure they have enough coverage is critical.
Lastly, public entities must consider the deductibles on their insurance premiums. Even low deductibles can add up quickly if they were to face multiple claims. As property, professional, and management liability claims are the most frequent in public entities, it’s common to face multiple claims in these categories at once. Often, when a client chooses a lower priced, higher deductible program, the insured’s average number of claims multiplied by the deductible difference is greater than the cost of a more comprehensive program. Therefore, it’s important to weigh your options when choosing the policy to not subject your public entity to high-risk exposures and out of pocket costs.
Daniels Insurance, Inc. provides expertise in public entity insurance and will evaluate your risk profile to provide comprehensive coverage for your specific needs. For more information about our construction insurance policies and more, contact us today at 855.565.7616.