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Indian River County , Florida Notes To Financial Statements Year Ended September 30 , 2007 NOTE 18 - RISK MANAGEMENT General Liability, Property , Worker ' s Compensation and Medical The County is exposed to various risks of loss related to torts , theft of, damage to and destruction of assets , errors or omissions , injuries to employees , and natural disasters . The County established a Self Insurance Fund (an internal service fund) to account for and finance its uninsured risk of loss . Under this program, the Self Insurance Fund provides coverage as follows : Prior to 10/ 1 /03 to 10/ 1 /04 to 10/ 1 /03 10/ 1 /04 Present Worker ' s Compensation $ 350 , 000 $ 50000 $ 600 , 000 General Liability 2001000 200 , 000 200 , 000 Auto Liability 2005000 20000 200 , 000 Property Damage 500 -2500 500-25 , 000 500 - 253000 Error or Omissions 2005000 200 , 000 200 , 000 Annual Aggregate 10000 1 , 000 , 000 15000 , 000 The County purchases excess insurance to cover claims in excess of the amounts listed above . The County has not incurred any settlements in excess of the insurance coverage listed above in the past three fiscal years . All departments of the County participate in the program . Payments are made by various funds to the Self Insurance Fund based on past experience and actual estimates of the amounts needed to pay current year claims . The County is also self insured for medical claims covering employees and their eligible dependents . As required by Section 112 . 081 , Florida Statutes , retirees and their eligible dependents are provided the same health care coverage as is offered to active employees ; however, the retirees are responsible for payment of the premiums . Medical claims are paid from premiums contributed by employees , retirees •� and by the County . Premiums and contributions are determined by projected claims based on historical and actuarial experience . The self insurance plan assumes all risk for claims , other than workers compensation, up to $ 100 , 000 per individual/$ 200 , 000 per occurrence . For workers compensation, the plan assumes all risk for claims up to $ 250 , 000 per individual/$ 250 , 000 per occurrence . The County has purchased a reinsurance policy to cover claims in excess of these limits . There were no claims in excess of these limits for the 2005 , 2006 , and 2007 fiscal years . The claims liability of $ 6 , 559 , 000 reported at September 30 , 2007 , is based on the requirements of generally accepted governmental accounting standards , which require that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements , and the amount of the loss can be reasonably estimated . Estimates for claims incurred but not reported are actuarially determined and recorded . Based on the actuary ' s report, $ 1 , 949 , 500 will be liquidated over the next twelve months . 92