Foxborough’s Loss Control Committee – comprised of mostly department heads – has saved the town $120,000 since its inception in 2010 and was recently recognized by MIIA Insurance for its excellent work in “controlling losses and managing risk,” according to Jeff Siena, Loss Control Manager of MIIA Insurance.
“Every year we pick a small number of communities who we found have done an excellent job of controlling losses and managing the risk,” Siena said. “This year we picked nine towns and Foxborough was [one of them].”
Siena said Foxborough was chosen because of the Loss Control Committee’s dedication to identifying and preventing losses.
“I have been involved in the MIIA program for about 26 years now and this is the only town I know of currently that does this type of job [of going through every loss one by one every month and trying to figure out what caused it],” Siena said. “In recent memory there’s only been one other town that has been that specific.”
As a result of those efforts, the Loss Control Committee earned roughly $47,000 in MIIA premium credits in 2012. Siena said credits are earned by participating in MIIA rewards programs through training, documenting policies and efforts specific to loss control and risk management.
Siena, on behalf of MIIA, recognized the town for its loss control efforts by presenting Foxborough’s Board of Selectmen with a plaque on Feb. 5.
“This represents a lot of good work,” said Foxborough Board of Selectmen chair James DeVellis.
Said Town Manager Kevin Paicos: “All the department heads that worked on this really deserve all the credit. … It’s unseen work but they are doing a heck of a job and so far they are really hitting it out of the park.”
Paicos said the Loss Control Committee looks at and manages every insurance claim, workman’s compensation claim, casualty and liability.
“They find out what caused an accident and do preventative things [to address the accident],” Paicos said. [They] organize training of employees … they probably attend 30 to 40 classes a year.”
That attention to detail has led to a significant reduction in premiums, according to Paicos. The town manager said while a 60 percent loss ratio is considered industry standard, Foxborough’s loss ratio has been in the neighborhood of 10 to 20 percent.
“[It is] extraordinarily good,” Paicos said. “I’m not going to tell you we are going to continue with that level of success because that is really extraordinary but if we can keep it under 25 percent we are doing a really tremendous job.”
Paicos said the Loss Control Committee was able to reduce the number of claims by more than half from FY11 (42) to FY12 (20).
“We are going to save a substantial amount of money in premium because of their efforts,” Paicos said.