SATURDAY, OCT. 20: Government is already moving to cut its massive $13 million insurance bill to save cash, Premier Paula Cox said on Friday night.

Ms Cox was speaking after Shadow Finance Minister Bob Richards said that an OBA Government would use Bermuda-based insurance experience to cut the cost of insuring Government properties and vehicles.

He said: “Government has paid lip service to this idea but, in dithering for so long, they’ve wasted millions of dollars in insurance premiums. We would expedite this idea forthwith.”

Ms Cox, also Finance Minister, said that Government insurance is at present paid through an insurance broker.

But she added: “Some governments choose to self-insure many or all of their asset and liability risks.

“Aside from most infrastructure assets, at this time the Bermuda Government does not self-insure.”

Ms Cox explained, however, that proposals had been sought from insurance professionals in a review of insurance costs and that a successful service provider had been selected.

She said: “In short, we’ve already acted on this and countless other efficiency plans that have and will save the people of Bermuda millions of dollars. And we will continue with our plans to make the Government more efficient.”

The pair clashed after Ms Cox announced at a conference of the party faithful that the country would go to the polls before the end of the year.

Ms Cox added: “Since March, there has been action and demonstrable progress. They say imitation is the sincerest form of flattery so I guess it is a compliment that the Opposition wishes to take a leaf out of our book to distract from their lack of real solutions for Bermuda.”