April 2017

Trust Tips is a resource for members of the Trusts administered by the Florida League of Cities. Here you’ll find tips and other information from the Florida Municipal Insurance Trust, Florida Municipal Investment Trust, Florida Municipal Loan Council and the Florida Municipal Pension Trust Fund.


Click the hyperlinks above to contact an insurance or financial services representative directly.

  In this issue: 
  • Join Us in April for Human Resources and Risk Management Seminars
  • Going Out to Bid for Insurance? What You Need to Know from Potential Insurers
  • Is It Time for You to Update Your Job Descriptions?
  • Issuing Municipal Bonds: Understanding Your Roles and Responsibilities
  • Did You Know...?
  • The Who, What, Where, When, Why and How: Reporting Property and Liability Claims
  • Are Data Analytics the Wave of the Future?
  • Links for Further Reading
Join Us in April! 
2017 Human Resources and Risk Management Seminars

Each seminar will be held from 9:30 a.m. to 3:30 p.m.. 
Offerings are for FMIT members, FREE and will cover a variety of timely topics. Lunch is provided.

SOUTH LOCATIONS: April 4 - Town of Southwest Ranches; April 6 - City of Palm Beach Gardens

WEST LOCATION: April 11 - City of Plant City

EAST LOCATION: April 13 - FLC University, Orlando

NORTHWEST LOCATION: April 18 - City of Panama City

NORTHEAST LOCATION: April 20 - City of Green Cove Springs

Click here for further information and to register online. 

Going Out to Bid for Insurance?
What You Need to Know from Potential Insurers...

Each municipality has unique insurance needs. The Florida Municipal Insurance Trust has amassed a series of guidelines to assist you in writing a request for proposal that is catered directly to your city government. Asking the right questions will help you to know what company is the best fit for your city and if the products they provide will serve your government’s specific needs, resulting in a quality partnership. Read more.  
Is it Time to Update
Your Job Descriptions?

by Evan MacClellan
FMIT Risk Control Consultant

Almost every organization has a mission, culture and goals. In the public sector, most often these include serving citizens at the highest professional level possible.

Hiring outstanding employees starts with finding and attracting great talent, then keeping it. Finding that great talent hinges on effectively communicating your entity’s mission, culture and goals within well-prepared job descriptions.

Updating your entity’s job descriptions should be done every few years to keep up with changes in job duties and hours, changes in tools and equipment used, changes in organizational structure and changes in technology, which are constant. Read more. 

Issuing Municipal Bonds:
Understanding Your Roles and Responsibilities

by Lynnette Kelly
Municipal Securities Rulemaking Board

Financing a public project with municipal bonds is a team effort in which many professionals work together to achieve the goals of the municipality. But, government officials considering issuing municipal bonds must keep in mind that it’s your deal.

You are the stewards of taxpayer dollars, and you make the decision to borrow. You decide whether to hire a municipal adviser to act as your fiduciary and you select the underwriter through the process – competitive or negotiated – of your choice. Throughout the life of any municipal bond, you assume responsibility for providing investors with information that is timely, accurate and complete.

And while the issuance of municipal bonds is your deal, municipalities have an important ally in the Municipal Securities Rulemaking Board (MSRB), the national regulator responsible for promoting a fair and efficient municipal securities market. Read more. 


DID YOU KNOW...

To date, the Florida Municipal Insurance Trust Safety Grant program has issued a total of $1.9 million to members? Click here for more information about the program and how to apply. 
The Who, What, Where, When, Why and How:
Reporting Property and Liability Claims

by Jessica A. Sheets , AIC, CPCU, API
FMIT Property & Liability Claims Manager

Did you know that the initial claim report and information contained therein sets the stage for the claims investigation? A detailed report with loaded information provides a solid basis for an adjuster to “kick off” their claims investigation. While it may seem daunting and can be time consuming, knowledge is power and the sooner as much information is gathered as possible, the better the job we can do for you.

Because of the unique nature of what we do and the types of claims we see, here are some tips as to key information to include in an initial claims report whenever possible. Read more.
Are Data Analytics
the Wave of the Future?

by Jay Goldrick , CWC, CWCL, RMPE
FMIT Workers' Compensation Claims Manager

According to a recent article published by the National Council on Compensation Insurance (NCCI), data analytics or predictive modeling is shaping the future of claims management.  Essentially it involves storing large amounts of data and using sophisticated algorithms to analyze it.  Amazon and other online retailers already do this for consumer shopping habits, so the insurance industry is using their database information to accomplish the same thing.  According to Jeffrey Austin White, director of innovation for Accident Fund Holdings, Inc. “It’s using historical data to make predictions about the future. But it is much more than just simple math.”  

The article talks about medical cost drivers, but it’s bigger than that.  Statistics show a small number of seemingly minor injury claims lead to higher costs, so predictive modeling could put a focus on medical only claims where the characteristics identify future lost time exposures.  Early intervention, in some cases, can result in the prevention of future high loss outcomes. Data analytics can also be used to create a safer work environment for employees, so proper analysis might lead to both fewer and less costly injuries.

Florida League of Cities, the administrator of FMIT claims, has already begun an effort to cleanse claim information for future data analysis.  But, it takes help from the membership to give us good data to use.  When reporting claims, make sure you provide accurate details about the accident and injuries.  If initial loss specifics are sketchy or unknown and reported that way, then it results in GIGO (garbage-in/garbage-out).  Take a few minutes to do a post-accident report analysis and then let your claims adjuster know about the new information.