Annual report of the Town of Hampton, New Hampshire

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TOWN OF HAMPTON, NEW HAMPSHIRE
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998
Fiscal Year Ending
December 3 1
Amount
1999 $ 91,195
2000 91,195
2001 91,195
2002 91,195
2003 91,195
2004-2006 503.297
NOTE 5 - OTHER INFORMATION
A. Risk Management
Total $ 959.272
The Town is exposed to various risks of loss related to torts; theft of, damage to, or destruction of
assets, errors or omissions, injuries to employees, or acts of God. During fiscal year 1998, the
Town was a member of the New Hampshire Municipal Association Property-Liability Insurance
Trust, Inc. and the compensation funds of the New Hampshire Workers' Compensation Fund.
These entities are considered public entity risk pools, currently operating as common risk
management and insurance programs for member towns and cities.
The New Hampshire Municipal Association Property-Liability Trust, Inc. is a Trust organized
to provide certain property and liability insurance coverages to member towns, cities and other
qualified political subdivisions of New Hampshire. As a member of the NHMA Property-Liability
Trust, Inc., the Town shares in contributing to the cost of, and receiving benefits from, a selfinsured
pooled risk management program. The membership and coverage run from July 1 to
June 30. The program includes a Self-Insured Retention Fund from which is paid up to $500,000
for each and every covered property, auto physical damage or crime loss subject to a $1,000
deductible, and each and every covered General Liability and Public Officials Liability Loss.
The Trust maintains on behalf of its members the following reinsurance policies shared by the
membership for the year ended June 30, 1999.
1
Signet Star Reinsurance Policy #9-02-AMD-07-000 1-0 which provides excess package coverage
in the amount of $1,500,000 in excess of the Trust's SIR for each and every loss.
2. Swiss Reinsurance Policy #2183939 which provides Excess Property/Excess Flood coverage in
excess of the Trust's SIR.
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