Fireman’s Fund Insurance Co. announced that due to the success of the workers’ compensation insurance program with the California Pharmacists Association (CPhA) a $1.4 million dividend will be paid out to insured members.
In recent years, the California worker’s compensation market has been in turmoil. CPhA’s prior insurer left the state as rates increased and the number of insolvencies grew. To balance the rate increase required by writing this business, Marsh Affinity Group Services, CPhA’s sponsored program broker and administrator, asked Fireman’s Fund to put in place a dividend agreement that would allow insureds to share in the profits should experience be favorable.
“With the financial pressures we faced over the past few years with soaring workers’ compensation premiums and now with Medicare Part D, it is gratifying to see our association help us get some of our money back,” said Gary Thomas, a CPhA member from Sacramento.
“This program has been profitable for the past three years” said Gary Bhojwani, President of Commercial Insurance, Fireman’s Fund. “Our loss control visits aid in identification and mitigation of hazards making a significant impact on the overall success of the program”.
Fireman’s Fund provides special claims handling services which include consultations with the insured and Marsh Affinity Group Services. CPhA’s Director of Insurance is also involved with loss control visits. “Identifying solutions to prevent and alleviate hazards that pharmacists face daily makes this program invaluable to our organization” commented Veronica Van Orman, CPhA vice president of operations.
The iCustomer Series online resource site that Fireman’s Fund offers free to customers on the Web focuses on issues specific to the pharmacy profession. For additional information, visit www.firemansfund.com.
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