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BRENDA W. BROWN
<br />JOHN A. COCKLEREECE, CLU
<br />GLENN CORPENING, III, CPCU, CIC
<br />WOODROE HAYWOOD, CPCtJ
<br />KEN HUCK$, CLU, ChFC
<br />KEN McLAMB
<br />HERB REESE
<br />
<br /> P.O. BOX 3015
<br />GREENSBORO, NORTH CAROLINA 27402
<br /> GREENSBORO TELEPHONE 373-5862
<br /> HIGH POINT TELEPHONE 819-5862
<br /> FAX (910) 373-5858
<br />
<br /> January 11, 1994
<br />
<br /> WAYLAND MOORE
<br /> Chairman
<br />
<br />SHIRLEY Q. RAY, CPCU, ARM, CPIA
<br /> Vice Chairman
<br />
<br /> EVERETTE ARNOLD, CPCU, ARM
<br /> Executive Director
<br />
<br /> DAVID A. FLIPPIN, CPCU
<br /> Assistant Director
<br />
<br />CABARRUS COUNTY
<br />WORKERS' COMPENSATION
<br />
<br />Pool Premium: $268,926 for 7-1-93/94 year.
<br />
<br />Recommendation:
<br />
<br />Establish Workers' Compensation self-funded program
<br />effective July 1, 1994 with an initial budget of
<br />$300,000.
<br />
<br />Basic Costs:
<br />
<br />Administration
<br />Claims Processing
<br />Excess Workers' Compensation
<br />
<br />$ 4,000
<br /> 5,000*
<br /> 33,000*
<br />
<br />$42,000*
<br />
<br />NOTE: REMAINDER IS PUT IN LOSS FUND!
<br />
<br />EXCESS WORKERS' COMPENSATION WITH GENERAL REINSURANCE:
<br />
<br />Limits:
<br />
<br />$5,000,000 Workers' Compensation
<br /> 2,000,000 Employer's Liability
<br /> 5,000,000 Aggregate
<br /> 250,000 Retention Per Accident
<br /> 90,000 Medical Retention First Payment
<br /> Year of any Claim
<br />
<br />ACTUAL COST BASED ON LAST 6 YEARS:
<br />
<br />Year Paid +
<br />92-93 $ 67,591
<br />91-92 70,162
<br />90-91 21,244
<br />89-90 147,509
<br />88-89 35,723
<br />87-88 13,110
<br /> $355,339
<br />
<br /> Baltic
<br />$42 000
<br /> 42000
<br /> 42 000
<br /> 42000
<br /> 42.000
<br /> 42000
<br />
<br />= Budget
<br /> $109,591
<br /> 112,162
<br /> 63,244
<br /> 189,509
<br /> 77,723
<br /> 55,110
<br />
<br />+ Reserve = Actual Savings
<br />
<br />$41,782 $151,373 $117,553
<br />0 112,162 156,764
<br />0 63,244 205,682
<br />0 189,509 79,417
<br />0 77,723 191,203
<br />0 55,110 213,816
<br />
<br />TOTAL $964,435
<br />
<br />*Estimates
<br />
<br />
<br />
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