The Friedlander Group Inc., the group manager for United Restaurants of New York Workers’ Compensation Safety Group #556, underwritten by the N.Y. State Insurance Fund, paid a 40 percent dividend to approximately 740 members with policies effective during the year of Sept. 30, 2003, to Sept. 30, 2004.
This dividend is in addition to an advance premium discount of up to 25 percent. A member with a standard premium of $10,000 paid $4,500 in premium, after discounts and dividends. The New York State assessment is deferred until dividends are paid.
Adam Friedlander said the group has had an average dividend of 39 percent since 1993. More than 500 insurance brokers are using the safety groups to gain and retain clients, according to Friedlander.
The Friedlander Group Inc, manages two other workers’ comp safety groups. The Retail Group of N.Y. #544 paid a dividend of 35 percent, and the Wholesale Group of N.Y. #551 recently paid a 32 percent dividend, in addition to up to 25 percent advance discounts. Since the inception of the three groups, a total of $54 million in dividends has been paid to members, in addition to the advance discounts.
Friedlander Group provides workers’ comp for restaurants, retailers, and restaurant owners in New York State.
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