NYS School Safety Group 491 and the New York State Insurance Fund are pleased to announce a 25 percent dividend for the policy year July 1, 2015 to July 1, 2016. This marks the 43rd year that Safety Group 491 has paid a dividend to its members. This dividend of 25 percent represents $1,414,199 in premium dollars returned to members for the July 1, 2015 to July 1, 2016 policy term. This also marks a total of $99,825,966 in dividends returned to members since the Group’s inception in 1972.
“NYS School Safety Group 491 has seen significant financial improvement in the last few years. It is tremendous that the members of the Group are the ones that directly benefit from this prosperity. We will continue to do our best to help ensure Safety Group 491 continues this positive trend and provides valuable policy services to every member of the Group,” said Crosby Lamont, chair of the Safety Group 491 Executive Committee.
“This dividend of 25 percent marks the highest percentage dividend Safety Group 491 has declared since the 1998-1999 policy term. This is a testament to the effort Safety Group 491 members have put forth in order to improve workplace safety. It is also evidence of the Group’s improved emphasis on underwriting and claims management to ensure both the financial integrity of the group as well as minimize the economic impact of claims when they do occur. Whether a public school district or private school corporation, New York schools are under increased financial pressures in all areas. We truly feel having a fully insured program with the potential for dividend returns helps to relieve some of these financial uncertainties. We thank all Safety Group 491 members as well as the local insurance agents that assist in servicing their polices. We at Fleury Risk Management look forward to next year when Safety Group 491 tops $100 million in dividends paid!” said John Fleury, President, Fleury Risk Management.
Dividend checks are scheduled to be mailed to members on Wednesday, April 5th. 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.
Please contact Fleury Risk Management with any questions regarding this announcement.