Annual report of the Town of Hampton, New Hampshire

TOWN OF HAMPTON, NEW HAMPSHIRE
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998
3. Members of the Trust also share Hartford Steam Boiler Policy #FBP-CH-22 13346 which
provides a $50,000,000 limit resulting from any "one accident" subject to a $1,000 deductible.
4. Members of the Trust also share Royal Insurance Company Policy #RHD309238 which provides
a $51,000,000 limit resulting from Flood and Earthquake and $7,000,000 resulting from any
"one accident" for Flood in zone A subject to a $1,000 deductible.
As required by paragraph 69 of GASB 10, entities participating in a public entity risk pool are
required to report certain information in their audited financial statements. In that regard, the Trust
has provided the following information:
1. Net additional contributions paid in 1998 for FY99, ending June 30, 1999, to be recorded as an
insurance expense/expenditure totaled $223,275.
2. Unpaid contributions for the year ending June 30, 1999 and due in 1998 were $-0-.
3. Claims submitted to the Trust that have been billed to the Town for their portion of payment
(i.e., deductible) as of December 31, 1998 totaled $-0-.
4. During January 1998, $-0- was returned to the Town as return contribution for participation in
the PLT 2000 Multi Year Rate Guarantee Program.
5. During October 1998, $11,368 was returned to the Town as its 1998 "dividend" for the years
1990, 1992 and 1994 in the form of a check.
6. The Trust Agreement permits the Trust to make additional assessments to members should there
GASB 10 requires members of pools with
be a deficiency in Trust assets to meet its liabilities.
a sharing of risk to determine whether or not such assessment is probable and, if so, a
reasonable estimate of such assessment. At this time, the Trust foresees no likelihood of an
additional assessment for any of the past years.
Compensation Funds of New Hampshire - Workers' Compensation Division is a Trust organized
to provide statutory workers' compensation and employer's liability self-insurance coverage to
member towns, cities, school districts, and other qualified political subdivisions of New Hampshire.
As a member of Compensation Funds of New Hampshire - Workers' Compensation Division, the
Town of Hampton shares in contributing to the cost of and receiving benefits from a self-insured
pooled risk management program. The membership and coverage runs from January 1 to
December 31. The coverage is for the statutorily required workers' compensation benefits and
employer's liability coverage up to $1,000,000. The program includes a Loss Fund from which is
paid up to $350,000 for each and every covered claim.
24