WORKERS COMPENSATION DEFINITIONS

Audit Premium

The proposed premium is based on the following estimates of annual exposures.  They are subject to audit after expiration of the policy.

Dividend

Annual insurance costs may be reduced for certain qualified coverage lines by a "dividend". The amount of such a return will be based on the earned premium and incurred losses you experience during the policy year. Please note, dividends are not guaranteed and are payable out of surplus at the discretion of the insurance company.

Employers Liability

This coverage will pay all sums that you are legally obligated to pay because of bodily injury by accident or disease sustained by any employee arising out of their employment. This coverage is distinct from any Workers Compensation policy claim.

Foreign Coverage

This endorsement is used to extend the policy to cover employees who are temporarily working or traveling in a foreign country

Longshore And Harbor Workers Coverage

This coverage is used to protect employees engaged in maritime employment or employed, in whole or in part, on navigable waterways in the United States including piers, terminals, docks and other areas used for loading or unloading, or repairing of vessels.

Maritime Coverage

This endorsement is used to extend the policy to include claims by crew members employed on American vessels.

Officers, Owners Or Partners (Excluded)

The Workers' Compensation policy allows you to exclude coverage for any executive officer, partner or owner of a company. When excluded, such individuals will not be afforded the protection provided under this coverage.

Statutory Workers' Compensation

This coverage is used to comply with the Workers' Compensation Coverage required by your state law. Under this requirement, an employee can be compensated if they are injured while working for you, regardless of your negligence as an employer.