Union Contractor Workers' Compensation
Program Summary:
A fully insured program underwritten by an “A” Rated Carrier and offered to union contractors. Participation in the group captive program allows the participant contractors to share profit and loss within the group captive up to a $250,000 per loss retention.
Program Benefits:
- Stabilize escalating premiums
- Gain control over services and frictional costs
- Return underwriting profits and investment income to Insureds whose skilled workforce contributes to excellent loss experience
- Offer best ultimate Workers' Comp premium price to unionized contractors through innovative group captive approach
Organizational Structure:
Carrier issues policy to contractor employer under same terms as in the traditional market. Carrier retains the aggregate and specific risk above $250,000. The contractor captive participant shares risk in the captive with other group captive participants from their individual deductible to the shared $250,000 captive layer.
Premium and Collateral:
Premium is underwritten and priced in the same manner as a standard market proposal. The determination of the collateral required by each contractor participant is a function of the premium for the Participant. Collateral can be posted in cash.
Binding Requirements:
Identical to a standard market proposal with the exception of the “Participation Agreement”. This agreement is executed by each Participant in the captive program. The Participation Agreement governs the risk sharing, profit distribution, termination, investments, collection and release of collateral, and warranties of the Participants in the captive.
Broker Information:
Commission: up to 7.50%
Proposed Policy Form(s):
Available upon request
| Submission Requirements: |
| Completed Accord application |
| Current loss runs |
| E-mod worksheet |
| Five (5) year WC premium and claims history |
| Program Questions |
Roundstone Management, Ltd. Phone: 440-617-0333 |
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