Achieves Significant Savings for Insurance Costs
Rensselaer County will see a major savings for insurance costs in the coming years thanks to a comprehensive re-bid of the county insurance policy undertaken by the County Legislature, Chair of the Legislature Stan Brownell announced today.
The savings mean the county continues to pay less for insurance than the county did in the early 1990s, when a scandal involving the then-Democratic Chairman forced competitive bidding of insurance contracts.
A resolution to be considered by the County Legislature at the March 14 meeting would award a newly-bid contract to NYMIR in the amount of $866,138. The new contract represents a savings of $156,000 annually, noted Vice Chair for Finance Phil Danaher.
“This new contract offers the same level of coverage to the county at a significantly reduced cost to the county and our taxpayers. This is very good news for the county and our residents,” said Danaher.
“We are proud that Rensselaer County will be paying less for insurance than the county was about 25 years ago,” said Majority Leader Ken Herrington.
The County Charter specifies that the County Legislature administers and procures county insurance contracts. The open re-bid of the contract was handled by the Clerk of the Legislature, with some input from legislators and consultant Cool Insurance.
“This shows the value of open, competive bidding for the county insurance contract. This follows a record of cost-savings in the Legislature in recent years that have benefitted taxpayers and services,” said Legislator Kelly Hoffman.
During the 2017 budget process, the Legislature contributed funds to help reduce the amount of a small tax increase, and contributed $200,000 to increase the amount of roads paved and improved by the county this year. The 2017 budget was the sixth consecutive budget to stay under the state tax cap.
“As legislators, we continually look for ways to reduce costs and save taxpayer money. This insurance contract demonstrates that commitment to finding a savings while maintaining the same level of service,” said Legislator Todd Tesman.