GMA Property & Liability Program Announces $5 Million Dividend for 2014
March 10, 2014
The Board of Trustees of GMA’s property and liability insurance program has declared a $5 million dividend for the May 1, 2014, renewal. The net effect of the dividend will be to reduce members' premium for the upcoming program year.
Over the years, GIRMA has returned $43.5 million in dividends in the form of renewal credits to its members. The GIRMA Board of Trustees, who are also city officials, recognize the economic and political pressure cities are under to keep costs down and it is their hope that the dividend will help members with budget issues at renewal.
The dividend will be distributed as renewal credits to members who renew their coverage with GIRMA, effective May 1, 2014 and is apportioned among the program’s members based on length of time participating in the program and on claims experience. This renewal credit distinguishes the GMA property and liability program from traditional insurance providers.
Oversight for the GMA property and liability fund (the Georgia Interlocal Risk Management Agency or GIRMA) is provided by a 9-member board of trustees comprised of elected and appointed municipal officials from among the fund’s membership.