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Excess Workers' Compensation Coverage for RTA Employees
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DESCRIPTION: Renewal of Excess Workers' Compensation Coverage for RTA Employees
AGENDA NO: Click or tap here to enter text.
ACTION REQUEST:
? Approval ? Review Comment ? Information Only ? Other
RECOMMENDATION:
recommendation
Authorize the Chief Executive Officer to proceed with renewal of Excess Workers' Compensation insurance coverage for all RTA employees for the policy period of 12/20/2021-12/20/2022.
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ISSUE/BACKGROUND:
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Under Louisiana law, every employer is required to carry workers' compensation insurance or must be approved for self-insurance. All employees, full- or part-time, shall be covered. Two years ago, RTA employees, all classified as administrative, were covered under a first-dollar workers' compensation program through LWCC, the Louisiana Workers' Compensation Corporation, with a corresponding minimal cost in premium. However, with the transition of Transdev employees to the RTA last year, the bulk of whom are operational, the cost of such a program with LWCC became prohibitive. As such, in December 2020, RTA moved to a self- insurance program managed by a third-party administrator, with excess workers' compensation insurance in place for only the most severe or catastrophic claims. This coverage, for policy period 12/20/20-12/20/21, was placed with Safety National Casualty Company.
Request for approval is sought today for renewal of this excess workers' compensation coverage with Safety National, which has provided the most competitive and affordable quote for such coverage
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DISCUSSION:
The RTA insurance broker of record, The Kennedy Financial Group of Louisiana, Inc., has obtained
two (2) excess workers' compensation quotations. One is from the incumbent Safety National Casualty Corporation, an admitted carrier, rated A++ Superior by AM Best, and the other from Midwest Employers Casualty Company, an admitted carrier, rated A+ Superior by AM Best.
Bo...
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