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AGENDA REPORT TO: FROM: DATE: RE:Mayor Pat Humphrey and the Clare City Commission Ken Hill, City Manager September 14, 2017 2018 Liability & Property Pool Board of Directors Electioneer the Agenda
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Gather all relevant information and documents such as property ownership records, insurance policies, and liability information.
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The liability and property pool is a financial mechanism used by entities to manage and mitigate risks associated with property damage and liability claims. It aggregates resources to provide coverage for various liabilities that the entity may face.
Entities that are part of a liability and property pool arrangement, such as businesses or organizations that jointly hold coverage for shared risks, are typically required to file this documentation.
To fill out a liability and property pool, one must provide details about the participating entities, the nature of the pooled liabilities, property covered, the allocation of costs, and any relevant policy information as specified by the governing regulations.
The purpose of the liability and property pool is to distribute the risk among multiple entities, thus lowering individual exposure to financial losses and providing a collective resource for handling claims.
Information that must be reported typically includes the names of participating entities, details of property covered, liability coverage limits, claims history, and financial contributions of each member to the pool.
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