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, 2016 to July 1, 2017. This marks the 44th year that Safety Group 491 has paid a dividend to its members. This dividend of 20 percent represents $847,991 in premium dollars returned to members for the July 1, 2016 to July 1, 2017 policy term. This also marks a total of $100,673,148 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, 2018 to July 1, 2019 period has been increased to 25 percent. The policy discount is determined by the policyholder’s overall 5 year loss experience and the new maximum discount of 25 percent is a 5 point increase from the previous maximum of 20 percent.
“Over $100 million in dividends paid to members since 1972! This is a great accomplishment and a testament to the long term success of Safety Group 491. The New York school workers’ compensation insurance marketplace has seen many ebbs and flows throughout the years. What has been consistent is Safety Group 491’s financial impact to its members. The Group has continued to work to minimize pricing fluctuations due to state legislative, benefit, and rate changes by rewarding group members that continue to put an emphasis on reducing workplace accidents,” said Crosby Lamont, chair of the Safety Group 491 Executive Committee.
“For 45 years and over $100 million in dividends later, School Safety Group 491 remains a premier option for school workers’ compensation insurance. Not only do members enjoy the financial security of a fully insured, guaranteed cost insurance product, but they also get to reap the rewards of their own success. A complete transfer of claim liability, predicable costs, and a substantial history of dividends continues to drive the membership benefits of Safety Group 491. We are very proud to be a part of exceeding the $100 million dollar dividend threshold and will continue to provide essential services to the membership to help continue with these positive results,” said John Fleury, President, Fleury Risk Management.
Dividend checks are scheduled to be mailed to members on Tuesday, April 3rd. 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.