Local Government Property Insurance

Whereas, Governor Walker’s 2015-2017 state budget proposal, AB 21/SB 21, eliminates the state’s Local Government Property Insurance Fund, which is administered by the state’s Office of Commissioner of Insurance; and

Whereas, municipalities have been able to obtain affordable property insurance through a state program since 1911;

Whereas, a February 2015 report shows that the fund is insuring $52.2 billion in property values and 974 insureds, including 128 cities and 243 villages; and

Whereas, municipalities use the fund because it offers excellent coverage at an affordable rate while also providing first-rate claims handling;

Whereas, eliminating the fund will increase municipal insurance costs;

NOW THEREFORE BE IT RESOLVED, that the City/Village of ___________________ opposes the provision in the 2015-2017 state budget eliminating the Local Government Property Insurance Fund.

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