Medford News

12/29/2015 - Medford receives highest dividend from the Municipal Insurance Program

Twenty-three towns (23) will share $550,000 in dividends released by the Burlington County Municipal Joint Insurance Fund (BURLCO JIF) earlier this month. The dividend proportionate share returns range from $1,427 to Wrightstown Borough to as high as $94,258 to Medford Township.
Member municipalities can choose to use the money as a credit against their next year’s premium, receive it in the form of a check and/or apply it to the aggregate excess loss contingency fund which is  a “rainy day fund” that members can utilize in future years.
The BURLCO JIF is a public entity that is owned and controlled by its Member Municipalities; is not an insurance company, and is monitored by the NJ State Department of Banking & Insurance.  The State of New Jersey allows public entities to collectively pool their resources to insure for property, liability and workers’ compensation coverage. The BURLCO JIF has saved Burlington County taxpayers millions of dollars in insurance premiums and has returned $6,755,855 in dividends to member municipalities.   Premium savings are made possible by keeping overhead costs low and placing emphasis on loss control and claims management.  Dollars not spent on claims are returned to members as dividends.
The JIF’s 2016 budget reflects no increase over 2015 and members will receive dividend checks for the 21st straight year.
The BURLCO JIF, established in 1991, is one of the most successful examples of interlocal cooperation in the history of the State.  To learn more visit their website at www.burlcojif.org

  • Municipal Center Address: 17 North Main Street, Medford, NJ 08055
  • Phone: (609) 654-2608
  • Fax: (609) 953-4087
  • Hours: 8:30 am - 4:30pm