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Insurance Switch Equals $500000 Savings

The town is switching insurance carriers and in the process will save nearly half a million dollars in premiums for fiscal year 2012.

The Selectmen backed a recommendation by Assistant Town Manager David Williams, who also fills the role of chief procurement officer, to purchase coverage with Trident, a national carrier. Trident will be the town’s insurance carrier starting Friday, July 1.

Framingham has used the Massachusetts Interlocal Insurance Agency for the past eight years. MIAA indicated within the past week that the town’s insurance premiums would increase about 20 percent next year to $1,354.172.

Trident on the other hand, was forthcoming is supplying a quote to the town of $907,407.

“With MIIA it was an estimate,” said Williams. “With Trident it was a firm quote.”

In anticipation of the jump in premiums by MIIA, Williams sought out other companies who might be willing and able to carry Framingham’s insurance.

“The process began more than seven months ago, said Williams during his presentation to Selectmen. “There are really only two competitive carriers in Massachusetts -- our current carrier MIIA and Trident.”

The crucial difference between the two carriers, said Williams, is that Trident is a national company while MIIA is confined to the Commonwealth. That makes MIIA’s risk greater because it has fewer policy holders and must charge higher premiums. Trident is national and can spread its risk over a wider market.

“From a business and cost standpoint it is the way to go,” said Town Manager Julian Suso. “We are in economic times when we can’t afford to ignore the savings.”

Suso further indicated that MIIA had damaged the relationship by not being attentive to Framingham’s needs.

“MIIA has not been sharpening its pencil significantly for not just this year but for many years. We think the premiums could have been fine-tuned," he said

Both Williams and Suso mentioned that MIIA was not responsive to Framingham’s questions or requests for projections of what premiums the town could expect.

“At the end of the day, it’s a business decision,” said Selectman Dennis Giombetti.

Trident was able to match or better MIIA coverage and deductibles, said Williams.

The company was able to increase coverage amounts for earthquake and flood insurance from MIIA’s $2 million to $10 million and boosted the town’s umbrella coverage from the $5 million that MIIA offered to $10 million.

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