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BRENDA W. BROWN
<br /> JOHN A. COCKLEREECE, CLU
<br /> GLENN CORPENING, III, CPCU, CIC
<br /> WOODROE MAYWOOD, CPCU
<br /> KEN MUCKS, 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 O. RAY, CPCU, ARM, CPIA
<br /> ¥ice 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:
<br />
<br />Recommendation:
<br />
<br />Basic Costs:
<br />
<br />$268,926 for 7-1-93/94 year.
<br />
<br />Establish Workers'
<br />effective July 1,
<br />$300,000.
<br />
<br />Compensation
<br />1994 with an
<br />
<br />self-funded program
<br />initial budget of
<br />
<br />Administration $ 4,000
<br />Claims Processing 5,000'
<br />Excess Workers' Compensation 33,000*
<br />
<br />NOTE: REMAINDER IS PUT IN LOSS FUND!
<br />
<br />$42,000'
<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
<br /> Year of any Claim
<br />
<br />Payment
<br />
<br />ACTUAL COST BASED ON LAST 6 YEARS:
<br />
<br />Year Paid + Basic = Budget + Reserve = Actual
<br />
<br />92-93 $ 67,591 $42,000 $109,591
<br />91-92 70,162 42,000 112,162
<br />90-91 21,244 42,000 63,244
<br />89-90 147,509 42,000 189,509
<br />88-89 35,723 42,000 77,723
<br />87-88 13,110 42,000 55,110
<br />
<br />$355,339
<br />
<br />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 /> TOTAL $964,435
<br />
<br />*Estimates
<br />
<br />
<br />
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