President's Welcome

Welcome to the New York Municipal Insurance Reciprocal (NYMIR) Website.

Here you will find an overview of the insurance coverages and risk management services offered to New York State municipalities, along with a background of the company and an introduction to the principals who are responsible for its continued success. The NYMIR Board of Governors is comprised of 13 elected and appointed officials from villages, towns and counties across the state. The sponsoring associations are the New York State Conference of Mayors, the Association of Towns of the State of New York and the New York State Association of Counties who together formed the Attorney-in-Fact which established and licensed the NYMIR program in 1993.

This collaboration has rescued local government property taxpayers by stabilizing the municipal insurance market, driving down rates and providing first class insurance coverage and invaluable risk management recommendations.

The concept works! I am very proud to say that more than 800 municipalities in New York State have now made the same decision to insure with NYMIR, making us the single largest municipal property and casualty program in our State.

Please view the website to learn more about NYMIR and how your municipality can benefit from membership. You can contact us directly from this website, or by calling 1-800-NYMIR05 to reach a NYMIR representative. We promise to offer your municipality comprehensive coverages and effective risk management programs at rates that will help your local government manage essential costs.

William Cherry
President
NYMIR Board of Governors

2016 Introduction to NYMIR

Ownership: The Foundation of NYMIR

NYMIR is a licensed, regulated insurer owned by its policyholders - almost 900 municipalities across New York State.  Together, we have built a strong, fiscally responsible company providing property and casualty insurance to counties, cities, towns and villages, both big and small.

NYMIR is a not-for-profit program. Customer service, knowledge of municipal operations, as well as risk management and aggressive claims defense are the cornerstones of the company - not shareholder returns or corporate earnings targets.

NYMIR has staked its reputation on the highest underwriting standards, a conservative investment philosophy, proactive risk management, and service to its members that is unmatched in the industry. The result is an organization with the financial strength that can produce "operating results that consistently outperform the commercial property and casualty industry, and high policyholder retention" according to A. M. Best.

Capitalization

As owners of NYMIR, each Subscribing member contributes to the financial security of the company. This one-time contribution, which is based on a percentage of the first year's premium and can be paid over a five-year period, represents each policyholder's commitment to NYMIR and the concept of self-ownership.  As these funds grow over time, they will permit the NYMIR Board of Governors to reduce premiums or initiate a dividend program.

Assessability

As a not-for-profit insurer, NYMIR elected from the outset to become an assessable company, rather than to pay into the New York State Guarantee Fund (which covers claims when other insurance companies become insolvent).  By choosing to be assessable, NYMIR has saved its local government members millions of dollars in additional premium.  The combination of an exemption from the Guarantee fund levy, coupled with a conservative capital retention and investment philosophy and reinsurance treaties with the very best A-rated reinsurance partners in the world, guarantees that NYMIR will remain a positive force for the future of all of New York State's local governments.