The Mainland communities of Linwood, Northfield and Somers Point received dividends from the Atlantic County Municipal Joint Insurance Fund for 2017.
According to information released by JIF, Linwood received a dividend of $53,726, Somers Point received $74,680, and Northfield, one of the original seven members to join the JIF in 1987, received $51,526.
LINWOOD — City Council passed a resolution at the Dec. 13 meeting establishing an interlocal…
Northfield City Clerk Mary Canesi said the city opted this year, as it has in the past, to apply the divident toward the next year’s insurance bill.
Linwood City Clerk Leigh Ann Napoli said Linwood will do the same, and Somers Point City Administrator Wes Swain said the city directs JIF to take the dividend off the first payment of the year.
Somers Point's premium for coverage in 2018 is $475,124, so putting the dividend toward the payment reduces the city's outlay to $400,444.
JIF insures member municipalities for property, liability and workers compensation. Funds not spent on claims are returned to members as dividends.
In Atlantic County there are 45 current and former municipal members that will share in $3 million in dividends released by the county Joint Insurance Fund, according to Megan Matro of Arthur Gallagher and Co., which announced the information Tuesday.
The dividends range from $551 for Port Republic to $293,312 for Ocean City. Members can use the dividend as a credit against their next year’s premium, receive it in the form of a check, apply it to the Aggregate Excess Loss Contingency Fund for use in future years, or any combination of these options, according to a pres release.
The Atlantic County Economic Alliance board of trustees recently elected a new chairwoman and several officers who will serve three-year terms.
The dividends are made possible by keeping overhead costs low and placing an emphasis of safety, loss control and claims management, Matro said.