Provide stable insurance protection at predictable and competitive cost levels by developing sufficient financial reserves and/or purchasing reasonably-priced insurance products.
- Conduct an independent financial audit and secure a "clean" auditing opinion.
- Conduct an independent actuarial study of loss reserves and secure a reserve adequacy opinion.
- Conduct a loss funding study to determine the appropriate funding level for the upcoming year's loss fund and to determine the most financially advantageous SIR for the association.
- Conduct an annual coverage review with assistance from the Brokers to ensure that gaps in coverage are recognized and, where possible, minimized. Provide a report of this review to the Board.
- Evaluate the investment results of our independent investment advisor Bond-Tech.
- Review and update the liability coverage document.
- Review with the ad hoc committee appointed at the 2007 Strategic Planning Retreat, MVRMA's current cost allocation formula and consider alternatives.
- Develop standardized vehicle reporting for all members prior to collecting the 2009 renewal information.