In February MoreThanTheCurve.com reported that the Borough of Conshohocken had selected Brown & Brown as its new insurance broker. That selection came with a caveat. Conshohocken was working to qualify to become part of the Delaware Valley Trusts (DVIT). DVIT is comprised of risk sharing pools with over 150 public entity members in Pennsylvania and Delaware. So basically if the Borough qualified for DVIT, it would not need Brown & Brown’s services.
To qualify for DVIT the Borough had to adopt some new policies and implement systems to decrease workers comp claims. One example is utilizing an apparatus on the back of the trash trucks that dumps the cans without the worker having to lift each one.
Qualifying to be part of DVIT saves a lot of money. Below are the numbers:
- 2017-2018 Travelers Expiring (Cohen & Cohen) w/commissions = $572,473
- 2018-2019 Travelers Renewal (Brown & Brown) w/Broker Fee = $545,507
- 2018-2019 Brown & Brown Alternate Option w/Broker Fee = $441,570
- 2018-2019 Delaware Valley Trust Proposal = $410,583
So basically the Borough’s insurance will now be a lot cheaper, about $160,000 cheaper this year over last.