Statewide Excess Liability Fund was created in 1988 predominately by local units that were previously fully insured. The purpose of the Fund was to purchase commercial excess liability coverage on a group basis at affordable rates. This was in direct response to the liability crisis confronting local units at the time.
In 1994, the public entity workers' compensation experience was in a decline and becoming unprofitable for commercial insurers. In response to the needs of local units and the increasing unavailability of markets, the Statewide Workers’ Compensation Fund was created. The purpose of this Fund was to provide workers’ compensation coverage on a self insured basis and with the purchase of reinsurance.
In 1997, the Statewide Workers’ Compensation Fund elected to provide all lines of insurance coverages, including property, liability, boiler and machinery, crime, professional and excess liability. The name of the Fund was changed to the Statewide Insurance Fund. Coverages were purchased on a fully insured basis and in 2000; the Statewide Excess Liability Fund was rolled into the Statewide Insurance Fund.
In 2003, the SIF elected to self insure portions of the property, general liability and automobile liability exposures, in addition to the workers' compensation, and purchases commercial first dollar coverage for the remaining lines.
Currently, the Fund has over 85 public entity members throughout the State.
STATEWIDE INSURANCE FUND ONE SYLVAN WAY, SUITE 100, PARSIPPANY NJ 07054