Last year VML Insurance Programs (VMLIP) made available $200,000 in Risk Management Grant funding. Funds were depleted within the first three months of the program, setting another record for grant distribution.
Beginning July 1 VMLIP will again begin accepting applications for the 2012 – 2013 grant with $250,000 available. The grant program will remain open until all funds are exhausted; however the time to prepare your application is now.
The following is a summary of changes in effect for this application period:
- Grant awards will be reserved for 60 days from the date eligible applications are received.
- Receipts must be submitted within 60 days of receipt of your eligible application, or your reserved funds will be forfeited. You may still be eligible for reimbursement, but the hold on reserved funds will no longer be in effect. This change will allow members to submit applications for consideration before making purchases. Proof of purchase is required before reimbursements will be made. Entities that work from purchase orders will now have time to meet their internal approval procedures prior to completing a purchase.
- Receipts, invoices, or cancelled checks will be accepted forms of purchase confirmation. Purchase orders are no longer accepted.
- You may still submit receipts with your application for purchases made after July 1. Be sure to verify funding prior to doing so to assure your request for funds can be met. This program still operates on a first-come, first-serve cycle even though a 60 day hold will be in effect for eligible applications.
- Requests for funding must coincide with coverage. For example, if you are a workers’ compensation-only member, your request for funding must relate to employee safety and items that will benefit employees directly. If you purchase general liability insurance, your request must relate to items or improvements that would reduce your likelihood of a general liability claim. This correlation must be described on your application.
- While a list of frequently requested items can be found in the FAQ document, these are merely suggestions. Be sure to request funding for items or services that will enhance your risk management program.
Each year VMLIP provides Risk Management Grant funding to members for the purchase of vital equipment and training to strengthen risk management programs which may otherwise be cost prohibitive.
Previous grant recipients have used funding for the purchase of rescue buoys, security systems, vehicle backup alarms, an arrow board and crash truck, and vehicle stabilization equipment. What’s most important is that members utilize funds in a way best suited to enhance their unique risk management program.
Risk management programs, and support of those efforts, are a critical part of effectively managing a governmental entity. For more information visit: www.vmlins.org.
VMLIP offers more than just coverage. We are partners in risk management. How does your insurer stack up? Having all lines of coverage with VMLIP ensures that your organization is receiving comprehensive coverage and a wide variety of value-added services tailored to Virginia’s local governmental entities. Call for a quote today: (800) 963-6800. For more information on VMLIP visit: www.vmlins.org or follow us on Facebook.
** VMLIP blog postings are offered for VMLIP members to utilize in strengthening their risk management efforts. See copyright information for clarification on sharing this information.