Our Worker’s Compensation Self-Insurance Trust, our Healthcare Risk Retention Group, and our Director’s & Official’s Liability Insurance are all excellent examples of how the LifeSpan Network strives to create innovative solutions to meet our members’ insurance service needs. Each of these services provides our members with a number of benefits and can help to improve the overall efficiency and effectiveness of their organization.
WORKER'S COMPENSATION INSURANCE
For more than 15 years, members of our Workers' Compensation Self-Insurance Trust have enjoyed stable and reduced premiums.
How It Works
Participants pay an actuarially determined premium contribution annually. The trust that is created is protected against the impact of large claims or too many claims by purchasing “stop loss” reinsurance coverage. The difference between the member’s prepaid contributions and the ultimate cost of claims and program expenses, along with interest earned on the trust’s invested reserves, are returned to the participating facilities in the form of dividends.
The Benefits
- Lower on-going cost, achieved by concentrating on improving loss experience, conservative underwriting and controlling of administrative expenses
- Interest income on reserves can be used to reduce premiums to pay dividends to participating facilities
- Effective loss control programs and seminars for participants
- Participants own the program and run it through membership on the program’s Board of Directors
LIABILITY INSURANCE
LifeSpan Network’s Risk Retention Group is an insurance company formed by organizations operating similar types of businesses. These companies join together as policyholders which own the insurance company. Our group is owned by our participating LifeSpan members.
Our Risk Retention Group provides general and professional liability insurance, allowing participants to put aside money to pay their own claims, or self-insure.
By self-insuring members can save money because premiums are less affected by the outside market (losses in other states, etc) and because expenses are less than commercial carriers. Additionally, our Risk Retention Group allows unused premiums to be reinvested to reduce future premiums.
DIRECTORS AND OFFICERS LIABILITY INSURANCE
Do You Know What You Have?
You and your Board can be personally liable for allegations of mismanagement, discrimination, theft and more. Could you or your Board members personally afford to pay legal fees for a mistake at your facility?
Do you know if you and your board are covered? "I think we have a policy" or "my broker tells me we have a policy" is not a sufficient answer.
Don't Worry...
LifeSpan Products and Services has partnered with Chubb Insurance to create a suite of important insurance coverages that you need.
It's Easy to Get Started
You may use your existing broker to access this program.
If you have concerns about your existing policies, we will review at no cost.