Excess Workers Comp
HCP can provide excess workers' compensation coverage to self-insured employers. Both specific and aggregate excess coverage is available. We have been brokering excess coverage in many forms since 1994. We are also a licensed Reinsurance Intermediary.
Specific Excess or Stoploss (Specific Excess Workers Compensation)
Specific Excess Workers Compensation lessens the financial impact that a single serious event that a self-insured worker compensation employer can have. The amount of loss held by the insured is indicated by the self-insured retention (SIR) or deductible under this policy.
Example: Specific Excess Workers Compensation with a $50,000 deductible of SIR. If there is 100K of eligible expenses the Specific Excess Workers Comp. coverage would reimburse the employer $50,000.
HCP National would assist the client to obtain their recovery from Specific Excess Workers Comp policy. The majority of the Excess Workers Comp policy policies are provided with statutory limits which mean that coverage is unlimited once the SIR or deductible is exceeded.
Aggregate Excess or Stoploss (Aggregate Excess Workers Compensation)
Aggregate Excess Workers Compensation puts a total limit on the amount of loss that the insured will retain for all losses occurred within the policy period. This limit is called the aggregate retention, or deductible and is usually expressed as a percentage of the manual premiums.
Example: Aggregate Excess Workers Compensation Deductible with a $10, 000,000 Aggregates Deductible. The clients year end total claims (minus claims over $50,000 Specific Excess Workers Compensation deductible) are $7,000,000 the Aggregate Excess Workers Compensation will reimburse the client $3,000,000.
HCP National would assist the client to obtain their recovery from Aggregate Excess Workers Compensation policy.