NYS School Safety Group 491 and the New York State Insurance Fund are pleased to announce a 20 percent dividend for the policy year July 1, 2019 to July 1, 2020. This marks the 47th year that Safety Group 491 has paid a dividend to its members. This dividend of 20 percent represents $554,314 in premium dollars returned to members for the July 1, 2019 to July 1, 2020 policy term. With this payment, the 5-year dividend average is now 21%. This also marks a total of $102,574,242 in dividends returned to members since the Group’s inception in 1972.
In addition, the maximum upfront policy discount available to Safety Group 491 members for the July 1, 2021 to July 1, 2022 is 25 percent. The policy discount is determined by the policyholder’s overall 5-year loss experience.
Dividend checks are scheduled to be mailed to members on Tuesday, March 9th. Checks will NOT be mailed to members currently in pending cancellation, those with estimated audits in the system, or those with seriously past-due premium accounts. (In the case of a significant past due premium, the dividend will be credited to the respective account balance.)
The dividend the Group pays is based on the overall experience of all Group members versus the insurance premiums collected. Safety Group 491 is proud to be one of the few programs consistently paying dividends to New York’s Schools. We would like to thank all of the current Safety Group 491 members that continue to place their trust in us.