Credits and Credits and Credits, Oh MY!

In our personal lives, there are several options for finding solutions to shortfalls in our budget. Public entities may not have as many opportunities for filling those gaps. When those opportunities do arise, they must be seized before they disappear like the latest and greatest electronics during a Black Friday sales event. 
As a Member of the SDPAA, there are credits which are available to you. Our Members enjoy credits often times for doing nothing more than returning their properly completed renewal packets on time!  The SDPAA offers four separate credits each year: Law Enforcement, Loss Control, Loss Ratio and Renewal. Members received a total of $948,890 in credits last year! 

The Law Enforcement and Loss Control credits are obtained by satisfying loss control recommendations made during the Loss Control Surveys conducted by Safety Benefits for the SDPAA . These surveys are completed every three years, and the credit is automatically renewed each year for three years.  By simply working through recommendations made during the Loss Control Survey, Members saw savings of up to $19,844.71 for loss control credits and up to $9,786.30 for law enforcement credits in 2016.

Members with a Loss Ratio of 60% or less receive a Loss Ratio Credit. This credit is reviewed each year at renewal time and is based upon contributions and losses incurred by a Member. Our Loss Ratio credits provided savings of up to $27,286.48 in 2016. 

The final credit that the SDPAA offers its Members is the Renewal Credit. This credit is earned by returning your renewal packet on or before the due date provided in the renewal packet cover letter.  Renewal Credit savings earned by our Members ranged up to $2,480.59 in 2016.

Distribution Credits offered by the SDPAA are not the only method we utilize to help maximize the benefits that are offered to our Members. Property Contributions are based, in part, on coverage values. Every four years, the SDPAA provides Property Evaluations to each of our Members. Safety Benefits evaluates and prepares valuations for all Member owned property. This information is compared with the current statements of values, and those amounts are updated. This also assists Members in identifying properties which are not scheduled. Unscheduled property can cost a Member in the event of a claim. Property evaluations are reviewed by our Member Services team, and visits are made to review the evaluations with our Members. 

By continuing to work with our Members each year, we are able to offer them opportunities to save some of those budget dollars and to continue to provide the best property and liability coverage available in the state! 
Not a Member of the SDPAA, but want to be? Give us a call at 800-658-3633 Option 2 or head over to our website at! We would be delighted to work with you to take those first steps to becoming a Member of the South Dakota Public Assurance Alliance.