for Municipalities
Garden State Municipal Joint Insurance Fund (GSMJIF)
The Garden State Municipal Joint Insurance Fund (GSMJIF) is a property
and casualty fund currently serving 22 New Jersey municipalities. The GSMJIF
is one
of the largest joint insurance funds in New Jersey, whose member
towns
comprise over 670,000 residents.
NIP Group established the GSMJIF in 2002 in
response to the lack of affordable commercial insurance for
municipalities. A JIF affords public entities the ability to
achieve economies of scale and purchasing leverage, enabling them to
obtain coverage at a lower cost than if purchased through the
traditional commercial insurance market.
The primary objective of the GSMJIF is to provide
members with a stable, long-term and cost effective
alternative to commercial insurance. The GSMJIF achieves this
objective by implementing the best risk and claims management
practices, which improve public and employee safety and lower the
ultimate cost of risk.
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