About
Us / A Historical Overview
On
January 1, 1989, eight public transit systems united to form a
self-funded liability only pool: the Washington State Transit
Insurance Pool (WSTIP). The initial combined contribution was
$1,204,205. At the outset, the Pool offered $10 million in limits
per occurrence on a first dollar basis with a $250,000 self-insured
layer. Members were assessed based on their exposure of miles
and boardings. The actuarial expected losses were $460,000 and
the administrative expenses were $168,500.
Today, WSTIP’s
membership has increased to 23 public transit organizations, and
we have three associate members. Our current annual budget is
approximately $8.5 million. WSTIP provides auto liability, general
liability, public officials (errors and omissions), all risk property,
crime, and boiler and machinery. Members may select deductibles
from $0 to $10,000. The current loss fund is actuarially set
at $4,300,000 and the administrative expenses are $2,000,000.
Current member equity is in excess of $12 million.
WSTIP is accredited
by the Association of Governmental
Risk Pools.
Webmaster:
Andrea Powell (webmaster@wstip.org).
Copyright © 2003 Washington State Transit Insurance Pool.
All rights reserved.
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