Our New Fund Year Begins April 1, 2008

FUBA Workers' Comp (coverage provided through the Florida Citrus, Business & Industries Fund) has a common anniversary date of April 1st.  The Florida Insurance Code requires us to give 45 days' advance notice to insureds who are being renewed by the Fund, and to those accounts who do not meet our eligibility requirements and are being non-renewed. 

We will be sending you a listing of your accounts that are being sent a Notice of Renewal and renewal invoice for the 2008 - 2009 Fund year, which begins on April 1, 2008.  (Policies bound 2/16/08 to 3/31/08 are automatically renewed for the 2008 - 2009 Fund year.)  Insureds who do not pay their renewal invoice by the March 15, 2008 due date will be put into 10-day cancellation and their coverage will expire on March 31, 2008.

As your insureds pay their renewal invoices, we will send you updated lists as to who has paid and who has not and your agency’s copies of their policies.  You may use these lists to issue Certificates of Insurance.  Please note: If you have any accounts that are currently receiving Drug-Free Workplace and/or Safety Credits, those policyholders will need to renew their applications in order to continue receiving their credits.  Insureds will receive the applications with their renewal invoice.

EXCITING NEWS!  We are once again paying a one-time bonus on your insureds’ initial renewal payment!  You will receive your regular commission rate, plus an extra 2% on this initial payment.  We will pay this extra 2% commission only on your insured’s first renewal payment.  You will continue to receive your regular commission rate on payments made on any subsequent premium invoices or audit balances.
 
We thank you for your business and look forward to serving you during the 2008 – 2009 Fund Year.

Dividends Have Been Distributed

FUBA Workers’ Comp is pleased to announce that the FCBI Board of Trustees has received approval from the Office of Insurance Regulation to pay a $1,136,000 dividend distribution to qualifying Fund members for the 2006/2007 Fund Year.  Our marketing reps are busy delivering checks to agents and policyholders.

The Fund’s most recent financials reflect a written premium for the 2006/2007 Fund Year in excess of $39 million with more than $27 million in surplus.  With this most recent dividend distribution, the Fund is rewarding those members who have helped the FCBI Fund achieve these excellent underwriting results.

In order to qualify for this year’s dividend distribution, a Fund member had to be active at the close of the 2006/2007 Fund Year, with an earned premium of at least $10,000, a loss ratio of less than 40%, and a cumulative three year loss ratio of less than 70%.  In addition, members had to satisfy prompt premium payment and audit requirements.  Many of the qualifying policyholders received an additional bonus for having multiple profitable years with the Fund.  [Please note that policyholders with outstanding balances may have their dividend applied to their account.]

To show our appreciation to the agencies that will retain these profitable risks with the FCBI Fund, the Board of Trustees has approved a 10% commission bonus [of the dividend amount paid] to all agents whose qualifying members renew their policy with FCBI for the 2008/2009 Fund Year.

The FCBI Board of Trustees and everyone at FUBA Workers’ Comp thank you and your clients for your valued support of our Fund.  We believe that with our premium to surplus ratio, commitment to excellent service and competitive products, FUBA Workers’ Comp is an important market to all of our agencies. 

Agency Spotlight

Marcus Consulting, Inc.

Congratulations to Marcus Consulting, Inc. for taking the spotlight in this issue.  Located in Boca Raton, owner Roy Marcus and his three employees have over 60 years of combined experience in the insurance industry.  Roy prides his agency on serving folks the “old-fashioned” way, with personal service and integrity.  “We will work with clients no matter what size premium their account may be,” he says. Marcus Consulting writes all lines of insurance, concentrating mostly in the Miami-Dade, Broward and Palm Beach counties.  Roy has found the construction trades to be a primary focus for his agency.  Marcus Consulting is also very active in the West Boca Chamber of Commerce. Having written with FUBA Workers’ Comp since 2001, Marcus Consulting is one of our Golden Agencies.  We appreciate Roy and everything he does for his insureds.  “Roy really cares about his clients,” Jeff Bolling, their underwriter, comments. “Christie Thomas, our Marketing Rep, is great and Jeff is easy to work with,” Roy tells us, “and so is FUBA in general.  They bend over backwards trying to help.” Thanks, Roy.  We look forward to helping you and your clients for many years to come!

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