OXFORD – The Town of Oxford supervisor and members of the Board of Trustees met for their monthly meeting Wednesday night and were joined by roughly ten residents.
At the start of the meeting, David Crane from Mang Insurance Agency, LLC provided a presentation regarding the town’s insurance policy and a summary of the municipalities coverage, set to renew at the end of August, he said.
The town’s insurance is provided through New York Municipal Insurance Reciprocal (NYMIR). According to Crane, NYMIR was founded with the vision to stabilize the municipal insurance market by driving down rates and providing insurance and risk management recommendations to municipalities in New York State.
“NYMIR has a good track record,” said Crane. “There are 700 municipalities insured by NYMIR in New York. It is managed by a board of governors, elected and appointed officials from villages, towns and counties across the state.”
Crane noted the properties covered by the town’s insurance, including the town garage, bath house, swimming pool and town offices, and wanted to be sure all properties or structures were listed in the summary of information provided to the board members, so that all structures needing coverage were included.
The blanket property insurance the policy holds is $834,630. This amount - in the event of damage or loss - could be applied to all properties or any effected property.
A $1 million general liability limit is in place for the town - the coverage available in the event an injury takes place on town property. This is sometimes referred to as “slip and fall” coverage, and is available for the town if need be. Crane noted it is sometimes a targeted area for municipalities.