Joint Insurance Funds (JIFs) are simply a form of shared services for New Jersey Public Entities that enables them to pool their resources to insure for property, liability, and workers compensation coverage. They also wisely budget for professional contracts that deliver an extraordinary level of service.
When the JIFs were formed, municipalities were facing uncertainty with respect to their insurance programs. Scarred by the hard market of the 1980s, they had scaled back insurance coverage and purchased necessary protection at rates they could ill afford. These conditions, coupled with the fact that they received little to no loss control or risk management services from their insurance company, led to even higher premiums as loss prevention, claims management, and risk management techniques were not offered. Municipal officials realized that something had to change and they took matters into their own hands.
Enter the Joint Insurance Funds! As the JIF concept took hold, member towns appointed safety and claims coordinators, received instruction in these all-important areas, and participated in training programs for employees, Managerial and Supervisory seminars as well as Elected Officials seminars to emphasize the need to prevent and manage claims when they occur. In the area of workers compensation, we have introduced an innovative managed care program that places nurse case managers alongside claims adjusters to direct better outcomes for employees who have been injured on the job.
The results have been outstanding! The JIF has established itself as the premier risk transfer vehicle for municipal government and has returned millions of dollars in dividends to our members. Currently, the JIF stands as the most successful example of inter-local cooperation in the history of the State.
Today, municipalities face budget cutbacks that demand efficiency and cost savings. In recognition of these tough economic times, the JIF continues to introduce initiatives to control the cost of risk for its member municipalities.
We’ve come a long way in the past 25 years but now is no time to rest on our laurels. The challenges we face today must be met with the same determination and dedication that has brought us the success we currently enjoy!
Why not schedule a Concept Presentation and find out what makes us the first choice among New Jersey municipalities when it comes to choosing an insurance program!
Paul J. Miola, CPCU, ARM Executive Director
P: (856) 446-9130
Paul Forlenza, Deputy Executive Director
P: (856) 446-9135
Megan Matro, Marketing Specialist
P: (856) 446-9141