NJ Cops | Page 16
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= Edmond
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P. Brady, CPA – Partner
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[email protected]
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• =Obtain reinstatement
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Responsible for more than 300 PBA’s in
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Licensed in NJ, NY and Mass.
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NJ •= New
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=Phone = (973)
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16
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NEW JERSEY COPS
■
JULY 2016
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LEGAL PROTECTION PLAN UPDATE
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Yearly
report on
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the financial status
of the plan
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As is done every year, we recently have
completed the financial analysis of the legal protection plan through an audit and actuarial analysis.
As it has been since we have brought the plan in
house, I am happy to report the plan is very strong.
While we have increased reserves over past years,
we have maintained surplus that will protect us in
the event of an anomalous year with respect to
KEVIN C.
expenses.
We have increased our reserves from $976,386 to
LYONS
$11.7 million, or by 9.1 percent, greatly due to the
increase in claim volume and an increase in the
average cost per claim. This increase also is due to the addition of the
“waiver of limits” coverage that was added as optional in 2015.
One of the many trends that are of concern is