FY 23 Approved Budget Book
INSURANCE
ORIGIN/PURPOSE :
The County maintains a Self-Insurance Fund for the purpose of paying Workers' Compensation, General and Automobile Liability claims and County Property Damage losses. Self-Insurance funding is determined on the basis of an annual contracted actuarial analysis and internal evaluation of loss experience and exposures. Funding requirements are allocated to the following budgets: General Fund Insurance, Highways Fund Insurance, and Water and Sewer Operating Fund Insurance. At the start of each fiscal year, these budgeted funds are transferred into the Self-Insurance Fund, from which all claims are paid. Costs of insurance for the Libraries, Sheriff's Office and Detention Center are reflected in their budgets. The Self-Insurance Program is administered by a Risk Manager, required by County Code (Part I, Chapter 9, Article XXII, Risk Management, Safety and Accident Review Board.) The County implemented a policy of combining commercially purchased insurance with the retention of higher deductible levels, the use of selective self-insurance programs and the implementation of a risk management program, which includes a Countywide safety program.
Workers' Compensation:
Harford County carries excess commercial coverage, with a $1,500,000 retention level for claims. The County is also required to maintain reserve funds of $750,000 for Workers' Compensation claims in accordance with Article 101, Section 16 of the Code of Public General Laws of Maryland.
General and Automobile Liability:
Since September 5, 1991 the County has carried excess commercial coverage, with a $350,000 retention for claims.
Property Damage:
The County carries commercial property insurance coverage with varying deductibles on real and personal property, and a $50,000 deductible for physical damage to County owned vehicles.
ALL FUND SUMMARY:
ORIGINAL BUDGET FY 22
EXECUTIVE PROPOSED FY 23
AUDITED FY 20
AUDITED FY 21
ENACTED FY 23
SUMMARY BY CHARACTER:
20
CONTRACTUAL SERVICES
1,117,345
896,148
1,206,687
1,546,730
1,546,730
GRAND TOTAL
1,117,345
896,148
1,206,687
1,546,730
1,546,730
777
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