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Washington Self-Insured Employer Certificate of Excess Insurance

Washington Self-Insured Employer Certificate of Excess Insurance

Name: Washington Self-Insured Employer Certificate of Excess Insurance
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.55 (284 reviews)

Category:

Washington Workers Compensation - Official - Claims

State:

Washington

Control #:

WA-SKU-3134

Format:

Instant download

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Public form

Description

Self-Insured Employer Certificate of Excess Insurance Washington Self-Insured Employer Certificate of Excess Insurance is a risk-management tool provided by the state of Washington. It enables employers to transfer certain risks associated with employee injury and property damage to an insurance carrier. The certificate provides employers with additional protection beyond their existing self-insured retention (SIR) limit, and may be used to reduce the cost of workers’ compensation premiums. There are two types of Washington Self-Insured Employer Certificate of Excess Insurance: Standard and Aggregate. The Standard Certificate of Excess Insurance is designed to provide employers with additional coverage up to a stated limit for individual losses. The Aggregate Certificate of Excess Insurance is designed to provide employers with additional coverage up to a stated limit for all losses during a specified period of time.

Washington Self-Insured Employer Certificate of Excess Insurance is a risk-management tool provided by the state of Washington. It enables employers to transfer certain risks associated with employee injury and property damage to an insurance carrier. The certificate provides employers with additional protection beyond their existing self-insured retention (SIR) limit, and may be used to reduce the cost of workers’ compensation premiums. There are two types of Washington Self-Insured Employer Certificate of Excess Insurance: Standard and Aggregate. The Standard Certificate of Excess Insurance is designed to provide employers with additional coverage up to a stated limit for individual losses. The Aggregate Certificate of Excess Insurance is designed to provide employers with additional coverage up to a stated limit for all losses during a specified period of time.

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FAQ

UPS carries a large insurance policy for all of its drivers because they do not want to pay their own money out in a lawsuit. Even if your claim exceeds the policy maximum, UPS has the deep pockets necessary to pay your damages.

To apply to be self-insured, an employer must complete and submit the following documents: Application for Self-Insurance Certification (F207-001-000) with a nonrefundable fee. Self-Insurance Certification Questionnaire (F207-176-000). Three years of audited financial statements in the name of the applicant.

UPS Declared Value Overview Declared Value of PackageCost$0 - $100No Charge$100.01 - $300$3.45Over $300 - Charge for each $100$1.15 per $100 Declared

Self-Insured Excess means an amount that the insured is required, by the terms of any contract between the insured and the insurer, to pay to the claimant in the event of a claim.

Insurance coverage is underwritten by an authorized insurance company and issued through licensed insurance producers, including UPS Capital Insurance Agency, Inc. (?UPSCIA?) ? a wholly owned subsidiary of UPS Capital Corporation (?UPS Capital?).

How can you know if your plan is self-insured? Because many employers use a third party administrator, such as an insurance company, to handle claims, you may not necessarily know if your plan is self-insured. To find out, contact your employee benefits administrator in your employer's human resources department.

UPS provides all packages automatically with $100 worth of liability for loss or damage. A shipper can choose to declare a higher value for the shipment with an additional charge. With this in mind, UPS specifically states that UPS declared value is not insurance.

UPS's liability for loss or damage is limited, depending on the type of package and your location. If the value of your goods exceeds this amount, use Declared Value for Carriage to declare a higher value for your shipment up to the maximum allowed in your country or territory.

More info

SELF-INSURED EMPLOYER. Employers wanting to self-insure their workers' compensation liabilities must apply to the Office of Self-Insurance Plans (OSIP) for approval.If the self-insurer obtains such excess insurance, it must submit a Certificate of Excess Insurance to the Commission via the Self-Insurance Plus (SIP) system. A selfinsuring employer may obtain excess insurance, through an insurance corporation, to indemnify all or part of a claims loss. Through reimbursements from excess insurance, BWC can limit the costs directed against the SIEGF. Self-insurers must complete an updated application form sixty days prior to the expiration date of the current certificate. A private employer who is approved for a certificate of authority to selfinsure is called a certified selfinsurer (CSI). Read all instructions before completing this application. GUIDELINES FOR SELF-INSURANCE FOR PRIVATE EMPLOYERS. PRIVATE SELF-INSURING EMPLOYER; ANNUAL RENEWAL OR DEPOSIT OF NEW SECURITY FOR PAYMENT OF COMPENSATION. 79A.

Washington Self-Insured Employer Certificate of Excess Insurance

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Is UPS a self insured company?

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What does self-insured excess mean?

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Is UPS self-insured?

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