We are not an insurance company. We are a self-funded cooperative of over 75 school districts, educational service districts and interlocals in Washington State that have joined together to prevent, control and pay for liability and property risks. View our 2005-2006 Annual Report (PDF, 984kb).
WSRMP is in compliance with the Association of Governmental Risk Pools advisory standards.
WSRMP developed tailor-made coverage that is specific to only our members. Coverage can be changed according to the wishes of the membership. Special Exposures such as preclaim investigations, student drug testing coverage, sexual abuse coverage and special education are covered by WSRMP and are traditionally excluded by the insurance industry.
Claims staff are on duty 365 days a year and strive for "same day" service.
Playground safety workshops, athletic liability sessions, employment liability and sexual harassment seminars are conducted for Pool members free-of-charge.
The basis of insurance and self-insured pooling is the spread of risk. If you are with an insurance company, you may be sharing your risk with and helping to pay for losses from other types of industries.
In a risk pooling arrangement, an ideal spread of risk would include enough larger members to provide a financial anchor to the group and a large number of entities to distribute the risk. It would be difficult for a pool with a smaller number of entities to adequately absorb losses and a pool without large financial anchors may be thinly funded.
Each member in WSRMP has a direct vote on how the pool is governed. The membership elects an Executive Board, which is the policy-making and appeals body.
Each member is consulted and is part of the decision-making process prior to the disposition of any of its claims. A claims report is also sent out to each member every year; providing sufficient data for statistical and trending analysis.
WSRMP sets rates on the basis of FTE students, number of employees, number of vehicles/buses and property values; all modified by the district's own loss experience. A member can directly control its premium contribution with good control of its losses and earn up to 3% of premium credit by fulfilling incentives in a Risk Assessment Survey program that focuses on a different topic each year.