We are Returning Dividends to Policyholders

FUBA Workers’ Comp is pleased to announce that we will be paying close to $1 million in dividend distributions to qualifying Fund members for the 2007/2008 Fund Year.

In order to qualify for a dividend for the 2007/2008 year, a Fund member had to be active at the close of the 2007/2008 Fund Year, with an earned premium of at least $5,000, a loss ratio of less than 40%, and a cumulative three year loss ratio of less than 70%.  Some members will receive as much as 20% of their premium back!  In addition, members had to satisfy prompt premium payment and audit requirements.

Many of the qualifying policyholders with an earned premium of at least $10,000 will receive an additional bonus for having multiple profitable years with the Fund.  [Please note: 1) Policyholders with outstanding balances may have their dividend forfeited if those balances are not addressed in a timely manner. 2) Insureds that are on a consent to rate or consent to premium policy are not eligible for a dividend.]

FUBA Workers’ Comp is proud to be continuing our long-standing history of returning dividends to our members.  We will notify you which insureds will receive a distribution.  We will begin sending dividend checks for qualifying policyholders in December.

Work Comp Rates to be Reduced by 18.6%

The National Council on Compensation Insurance (NCCI) filed for a rate decrease with the Office of Insurance Regulation for an average reduction in workers' compensation rates of 14.1% effective January 1, 2009.  On October 15, 2008, the Office of Insurance Regulation (OIR) issued an order requesting that NCCI make an amended filing for an even more substantial decrease of 18.6% by November 1, 2008.  NCCI reviewed OIR’s order and on October 23, 2008, submitted an amended filing with the 18.6% decrease.  The new rates will be effective January 1, 2009. 

The overall average rate impact by industry group is as follows:

Manufacturing:	19.8% reduction
Contracting:	19.2% reduction
Office & Clerical:	20.6% reduction
Goods & Services:	18.9% reduction
Miscellaneous:	13.6% reduction

  
This will be the 6th consecutive rate decrease since 2003.

Have You Picked Your FUBA Reward Yet?

We are almost to the halfway point of our FUBA Rewards program.  November 30th, 2008 is the first time we will review your agency’s production to see if you qualify for a reward.  Remember, it only takes $50,000 in new business written since August, 2008 to qualify for the first prize level.  Some of our agents have already been calling to reserve their gifts!

We will notify you after November 30th to let you know if your agency qualifies for a reward.  At that time, you can either choose a prize in the corresponding category ($50,000, $100,000, $150,000, $200,000, $250,000 or $500,000) or choose to roll your premium production over in the hopes of reaching the next category at the final review on March 31st, 2009.

From the latest gadgets to weekend getaways at Florida's premier resorts, there is a reward for everyone.  For more information or to start picking your prizes, please visit the “What’s News” section of our website at www.fubaworkerscomp.com.

Free Classes on Workers’ Compensation

The state Division of Workers’ Compensation is offering business owners and employers around the state free classes on the requirements of Florida’s workers’ compensation laws.  Topics will include:

• Key definitions
• Who is required to have workers’ comp insurance
• Who is eligible for exemptions from workers’ comp
• Contractor responsibilities
• State enforcement of the workers’ comp laws
• OSHA/Workplace Safety

Continuing education units (CEU’s) are available to contractors whose license requires continuing education in Workers’ Compensation and Workplace Safety. 

Advance registration for these classes is required and can be made via the Division’s website at www.myfloridacfo.com/WC.  To view the locations, dates and times of the classes, please visit the “What’s News” section of our website at www.fubaworkerscomp.com.  

Agency Spotlight

Innovative Insurance Consultants, Inc.

(Pictured - Front Row: Sandra Lucks, Mary Perez, Tracy DeFranco, Tom DeFranco [holding Abby, the office mascot] Kelly Goldstein, Delilah Johnson, Cecelia Rodriguez.  Back Row: Barry Goldstein, David Schwartz, Jim Colella.  Not Pictured [due to the birth of his first child]: Brian Mamo) Congratulations to Innovative Insurance Consultants, Inc. for being our Spotlight Agency in this issue!  Established in 1992, Innovative Insurance Consultants serves Dade, Broward and Palm Beach counties.  Owners Tom and Tracy DeFranco are long time residents of the Coral Springs and Parkland areas where they have lived for over 20 years.  Since coming on board with FUBA in 2002, Innovative has quickly grown to be one of our top agencies. Specializing in the construction industry, Innovative Insurance is a full service agency writing workers’ compensation, general liability, builder’s risk, flood, life and health, homeowners, and commercial & personal auto insurance.  The agency is a member of Gold Coast Builders Association, Painting and Decorating Contractors Association, PIA of Florida and the Better Business Bureau of Greater Palm Beach county.  They also support civic activities in their community and are involved in youth soccer and Kids in Distress programs. The DeFrancos pride their agency on its customer service ideals – efficiency, utmost courtesy and confidentiality, and a sense of urgency to get the job done and get it done correctly.  FUBA Workers’ Comp appreciates these principals and we know they are what make Innovative Insurance Consultants such a successful agency.

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