Workers Compensation Definitions
Bodily Injury By Accident Limit
This is the most your insurer will pay under Coverage B, Employers Liability, for all claims arising out of any one accident, regardless of the number of claims that may arise out of the accident.
Bodily Injury By Disease - Each Employee
This is the most your insurer will pay for damages due to bodily injury by disease to any one employee.
Bodily Injury By Disease - Policy Limits
This is the aggregate limit that stipulates the most your insurer will pay for employee bodily injury by disease claims during the policy period regardless of the number of employees who make such claims.
Dividend
Annual insurance costs may be reduced for certain qualified coverage lines by a "dividend". The amount of such a return will be based on the earned premium and incurred losses you experience during the policy year. Your insurance company is offering this potential premium reduction to you in recognition of your excellent record of loss control. Please note, dividends are not guaranteed and are payable out of surplus at the discretion of the insurance company.
Employers Liability
This coverage will pay all sums that you are legally obligated to pay because of bodily injury by accident or disease sustained by any employee arising out of their employment. This coverage is distinct from any Workers Compensation policy claim.
Federal Acts Coverage
This endorsement is used when your employees are working at any installations under federal jurisdiction. These include the Defense Base Act extending coverage for civilian employees at military bases, the Outer Continental Shelf Lands Act providing coverage for employees working on oil platforms, and various other incidental acts applying to railroad workers, coal miners, etc.
Foreign Coverage
This endorsement is used to extend the policy to cover employees who are temporarily working or traveling in a foreign country.
Longshore and Harbor Workers Coverage
This coverage is used to protect employees engaged in maritime employment or employed, in whole or in part, on navigable waterways in the United States including piers, terminals, docks and other areas used for loading or unloading, or repairing of vessels.
Monopolistic States/Stop Gap Coverage
This endorsement is used to provide Employers Liability coverage for operations that are conducted in a monopolistic fund state. It is necessary because Workers' Compensation policies written by these state funds do not provide Employers Liability Coverage.
Other States Coverage
This coverage can broaden the Workers' Compensation insurance to include automatic protection for all states not listed on your policy except those covered under monopolistic state funds. These include Nevada, North Dakota, Ohio, Washington, West Virginia and Wyoming.
Self Insured Retention
This value represents the amount of damages and/or legal costs that you must assume (retain) before your insurance protection becomes payable.
Corporate Philosophy:
Our commitment is to assist clients with the development of a comprehensive insurance program tailored to each client’s specific needs, size, and future growth plans. Focusing primarily upon industry leaders who seek to develop a long-term relationship with their insurance professionals, our goal is to offer insurance coverage with excellent service, and competitive pricing.
Because we genuinely care about our clients, we have developed a reputation for outstanding customer service. With highly skilled servicing teams, we are enthusiastic, and dedicated to providing clients the quality service their business deserves.
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