21RISK FINANCING AND INSURANCE‐RELATED ACTIVITIES/PUBLIC ENTITY RISK POOLS

INTRODUCTION

Governmental organizations are subject to many of the same risks of “doing business” as commercial enterprises, including risks related to various torts, property damage awards, personal injury cases, and so forth.

Governments are most often self‐insured for these types of risks. Sometimes the government establishes or participates in a public entity risk pool that acts somewhat like an insurer against various types of risks.

This chapter is divided into two main sections. The first addresses the accounting and financial reporting guidance for the risk financing and insurance‐related activities of state and local governments ...

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