2024-2024 Rates, Coverages and Dividend

  • Author | Halie Gallik
  • 3/7/2024 11:00 am

Public Entity Partners’ Board of Directors met in February to determine rates, coverage changes and dividends for the upcoming policy year.

Rates

The board approved the following changes for base rates for policies renewing during the 2024-2025 policy year, beginning July 1, 2024.

 

 LINE OF BUSINESS  2024/2025 % CHANGE
 WORKERS’ COMPENSATION  NO CHANGE
   
 PROPERTY  +8%
   
 LIABILITY  
     GENERAL LIABILITY  NO CHANGE
     ERRORS & OMMISSIONS  NO CHANGE
     LAW ENFORCEMENT  +6%
     AUTO LIABILITY   NO CHANGE
     AUTO PHYSICAL DAMAGE  +8%
 COMBINED LIABILITY  +2.5%
   
 COMBINED ALL FUNDS  3%

 

Please keep in mind that changes to your entity’s individual exposures and losses will also impact premiums. Examples include changes in your building values, overall payroll, services provided and your entity’s loss history.

 

Dividend

One benefit of Public Entity Partners membership is the return of excess dividends to members. Since 1996, Public Entity Partners has returned $130 million, including the Emergency Relief Dividend.

 

Our Board of Directors has declared a $4 million dividend to be returned to members for policies renewing in the 2024 fiscal year. When our board declares a dividend, it is based on a number of factors, including the loss ratio performance of all PE Partners’ members during the prior year and each member’s historical loss ratio.

 

Should you have any questions about rates or coverages, please contact your underwriter.

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