Directors and staff at Antelope Valley-East Kern Water Agency were grateful recipients of a check that totaled $89,954.55 from the Association of California Water Agencies Joint Powers Insurance Authority, otherwise known as the ACWA-JPIA Rate Stabilization Fund.
That refund check, resulting from an insurance premium adjustment due to a low number of worker’s compensation claims and reduced liabilities, is the largest refund of its kind the Agency has received to date. AVEK’s commitment to safety in the workplace proved beneficial, reducing the risk of employee injuries and enhancing Agency finances.
Studies conducted by labor organizations indicate that employees who miss work because of job-related injuries result in decreased productivity – a financial loss to the entity.
ACWA-JPIA is a partnership of water agencies working collectively to share the risks associated with purveying water. The conglomerate formed in 1979 to provide risk-sharing pools. The JPIA offers members coverage for Property, Liability, Workers’ Compensation and employee benefits.
To be accepted into the JPIA, prospective members must demonstrate dedication to effective risk management programs. JPIA collects a deposit premium at the start of each policy period and can return money from excess funds and investments to members such as AVEK who achieve low loss ratios.