Township one of 26 municipalities sharing $700,000 in dividends
Medford Township is one of 26 municipalities sharing $700,000 in dividends released by the Burlington County Municipal Joint Insurance Fund (BURLCO JIF). This figure represents a $100,000 increase over last year’s dividend release. Medford received $115,299, which was the highest share received.
The BURLCO JIF has saved Burlington County taxpayers millions of dollars in insurance premiums and has returned a total of $8,055,855 in dividends to Member Municipalities. Significant premium savings are made possible by keeping overhead costs low and placing emphasis on safety, loss control and claims management. Dollars not spent on claims are returned to members as dividends. This is in stark contrast to competing JIF organizations that carry much higher overhead, and bill members additional assessments.
The Member Municipalities can choose to use the money 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 that members can utilize in future years, or any combination of these options.
The BURLCO JIF, established in 1991, is one of the most successful examples of inter-local cooperation in the history of the State. To learn more, visit our website at www.burlcojif.org.