A $21,342.00 insurance premium credit has been awarded to Concord by MIIA (Massachusetts Interlocal Insurance Association) for their pro- active loss prevention and risk management activities.
The MIIA Rewards Program helps members reduce insurance premiums.
'This innovative program provides a financial incentive for cities and towns to actively manage their risks,' says Stanley Corcoran, executive vice president of MIIA. 'By educating decision makers and eliminating hazards, towns not only earn credits in the short term, but also help to control insurance costs over the long term. Reducing the costs of claims means lower insurance costs.' In Concord, the cumulative efforts of the past 3 years have lowered the town's insurance costs by $46,500.00.
Credits are earned through participation in various MIIA training activities, implementing important loss prevention measures, and instituting key management policies, practices, and procedures that strive to reduce injuries, accidents, property damage, and lawsuits.
Participation in the program is voluntary, however Concord officials and employees took the extra steps to meet program requirements leading to lowering the town's insurance costs.