Swapping insurers saves county $43,000, Thigpen says

Published 1:37 am Friday, December 24, 2010

Grady Thigpen of Thigpen Insurance Co. in Picayune told supervisors on Monday that by changing insurers, from Zurich to One Beacon, the county will save about $43,000 over last year’s county insurance contract.

Supervisor Hudson Holliday told Thigpen, “Now let’s see; they have okayed an agreed value, approved insuring extra the building in Picayune (Chimney Square) and also to assume the liability insurance for the sheriff, for $43,000 less than last year’s price. This is a very difficult decision to make. I motion that we accept the (One Beacon) contract.”

“Agreed value” is the value listed in the “statement of value” in the contract.

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Supervisors then passed the measure 4-0. Supervisor Anthony Hales was absent because he was ill.

Thigpen said that two years ago the county switched to One Beacon to save money but the contract at the time did not entail an agreed value.

Thigpen said the county not only saved but the insurer added more than $6 million in new property values to the insurance contract.

Thigpen said that the main reason for the savings is because One Beacon wrote the wind coverage in-house.

Other companies Thigpen solicited bids from were C&A of Chicago, Travelers, Trident and Philadelphia.

Supervisors have been looking for savings in every area since its dealing with a tight budget.