Reso 2008-1284 - Laserfiche WebLink

Home Browse Search

To protect members of the fund from large losses and to protect the financial security of the fund, the PGIT board of trustees has elected to purchase an extremely conservative excess of loss insurance structure. We stress PGIT excess of loss structure because an excess structure provides PGIT members several levels of protection that reinsurance does not. Foremost among these is the fact that PGIT's excess of loss policies list every individual member a named insured, giving every member direct access to the insurance company for payment of claims. Reinsurers are only responsible to the trust itself. Therefore, if a trust became financially troubled, there is no guarantee from an insurance company that any individual claim will be paid or even that a reimbursement will go towards the originating claim. PGIT is a non-assessable Trust authorized under Florida Statute and is not rated by AM Best. PGIT members are not constrained by notice requirements or punitive run-off claims costs to exit. Public Risk Underwriters (PRU) Public Risk Underwriters, as part of Brown & Brown, is one of the premier insurance service organizations for public entities in the United States. Our exclusive focus and in- depth understanding of the unique risk exposures and operating environment of the public sector allows us to tailor customized products and services to meet our clients' needs. Preferred Governmental Claims Solutions (PGCS) PGCS is dedicated to exclusively serving Florida governmental agencies. PGCS administers and closely controls all claims from start to finish. This team of full-time, licensed adjusters understands federal laws and state statutes governing actions against public entities. A toll-free telephone number is provided to facilitate reporting of claims 2 Brown & Brown of Florida, Inc.