Boone County just saved a bunch of money on its liability insurance by switching to a shared risk pool for local governments — more than $164,000 to be exact.
The county is switching to the Missouri Public Entity Risk Management Fund, which will provide workers’ compensation, property and liability insurance.
The Boone County Commission approved the switch in the face of rising deductibles with its previous provider, Mid-America Regional Council Insurance. The unanimous decision came days before a July 1 deadline.
“We will have significant savings by going this route,” said Boone County Clerk Wendy Noren, who recommended the change. “Initial costs may be a little higher though.”
The county will have to pay a one-time fee of $439,976 to Mid-America Regional Council Insurance for interim coverage.