A West Virginia risk pool created to provide property and liability coverage to counties around the state is looking to expand into workers’ compensation.
The West Virginia Counties Group Self-Insurance Risk Pool, Inc., was formed three-years ago by 19 member counties to provide property and liability coverage. Among other things, the pool offers vehicle fleet coverage and power equipment and machine coverage. The risk pool has grown from 19 chartered counties to include 41-county-related authorities in addition to 34 county commissions.
Charter member Greenbrier County recently voted to extend its current coverage to include workers’ compensation. Greenbrier represented one of the biggest risks in the risk pool and is now reaping the benefits. According to risk pool officials, the county will receive an estimated $3,200 rebate.
Officials said the risk pool now has a $1.75 million surplus due to lower than anticipated losses. In addition to the rebates, the risk pool is expected to lower rates. The risk pool is currently setting rates for its workers’ compensation coverage, which officials said should be available to Greenbrier, effective June 1.
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