To respond to the growing needs in California for affordable workers’ compensation insurance, Compensation Risk Managers (CRM) has begun offering coverage through three new programs, available through independent agents and brokers, that serve workers in the industries of contractors, plastics manufacturers and auto dealers.
The three group self-insurance programs were created by CRM to help control the rising costs of workers’ compensation insurance for employers in the cash-strapped state without sacrificing safety and claims services.
All three of the programs are approved and regulated by the California Department of Industrial Relations and operate under the following names: Contractors Access Program of California (CAPC); The Plastics Manufacturers Self Insurance Program (PMSIP); and The Preferred Auto Dealers Self Insurance Program (PADSIP).
“In response to the increasingly difficult workers’ compensation market, we’ve found that California employers are eagerly turning to nontraditional risk financing techniques for coverage,” said Daniel G. Hickey Jr., president of CRM. “CRM is pleased to offer a cost-effective alternative that can realize as much as 30 percent in savings for California employers compared with current state fund rates.”
With newly opened regional offices in Woodland Hills, Calif., CRM maintains a fully staffed loss-control department with certified safety professionals that offer support to program members. CRM has had success with its group self-funded programs in New York State where it offers workers compensation for most major industry sectors through eight separate programs or trusts.
“CRM’s expertise in claims management has made a measurable difference in reducing overhead costs for our business since we’ve partnered with them,” said William Pittinger, president of All Suffolk Plumbing Inc. of Bohemia, N.Y.; and board member of CRM’s Elite Contractors Trust of New York. “The level of competence and thorough attention CRM pays to every detail gives our company a stronger sense of safety than we’ve felt with any other workers comp organization. I expect CRM will be very successful with its new program in California.”
The company recently reported results that show gross written premiums of $125 million, representing an increase of 27 percent from the previous year. CRM expects to grow to $200 million in written premium by the close of 2004 and is poised to become one of the largest national administrators of self-funded workers’ compensation insurance programs.
“As the rates of traditional insurers continue to rise, CRM has been able to attract customers through innovative and prudent underwriting guidelines, cost savings products and the superior risk management of its group self-insurance models,” said Hickey. “CRM’s aggressive underwriting and commitment to keeping only the best accounts in the trust ensure credibility of the numbers and keep the programs solvent.”
CRM’s conservative approach to risk management has enabled the company to forge partnerships with industry-renowned insurance underwriters, such as New York Marine and General Insurance Company, Clarendon National Insurance Company and AIG.
For more information, contact Scott Baron at (818) 706-1920, or e-mail: email@example.com.
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