NEXT GENERATION™ (NG/PEI) - SUMMARIES

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The use of the new NEXT GENERATIONTM product is for medium to larger size employers that have the time and desire to be proactive in managing their workplace injuries, thereby lowering their policy costs.

RETROSPECTIVE RATING: (Also called "Premium Holiday")

Premium credit in second year renewal for good loss ratios in previous year.50% or less – 8.33% credit.20% or less – 16.67% credit.  (Net Loss Ratios are based on New Premiums, (being Gross Premiums less all commissions and Taxes, but Excluding Reinsurance Brokerage).  Incurred claims are paid claims, reserves and reasonable IBNR.)

VANISHING DEDUCTIBLE:

A percentage reduction in deductible(s) for extended periods of time a policyholder goes without a claim during a policy year.  Limited to dertain deductibles.

SAFETY PAYS:

America’s #1 workplace incentive program is designed to reduce on-the-job accidents and injuries in virtually any commercial or industrial environment and averages a 50% reduction in a company’s losses in the first year of use. The low cost exciting, innovative “bingo-based” game approach is in use in thousands of companies nationwide and offers over 25 different game formats.Premium discount applies for implementation.

ANNUAL AGGREGATE DEDUCTIBLE STOP LOSS.

Want to set a specific limit for annual out-of-pocket deductibles and never worry about going over budget? We can do that.

EMPLOYER CHOOSE OWN ATTORNEY FOR INJURY & DEFENSE:

Available in policy language for plans with deductible of $50,000 or more.

ADR – ALTERNATIVE DISPUTE RESOLUTION PROGRAM:

The Federal Arbitration Act allows companies to resolve disputes outside the court room with (ADR) Alternative Dispute Resolution programs.ADR programs are being used by such companies as JC Penney, Circuit City, Diamond Shamrock, and Whataburger.A majority of Fortune 500 companies are utilizing ADR to resolve employee disputes.ADR statements are in most credit card, banking and Real Estate contracts. General Motors and Ford Motor Company have ADR statements in both sales and credit agreements.

Dispute Solutions, Inc. and Essential Corporate Solutions, Inc. provide turnkey ADR programs nationwide.Their ADR programs enable companies to resolve disputes with employees and customers in a timely manner at a fraction of the cost of litigation.A properly written ADR can automatically reduce a company’s exposure to litigation costs by 50-80%.Dispute Solutions, Inc.’s ADR program was developed by attorneys with over 15 years experience in mediation and arbitration policies.

ALL CLAIMS ARBITRATION AGREEMENT:

Includes all Title VII Employment Practices issues other than workplace injuries.

WORKSTEPS®:

A pre-employment physical exam company with hundreds of locations in Texas.Before an employer hires a new employee they send the employee for a physical exam to see if he or she is physically qualified to do the job they are hired for.WORKSTEPS® reduces workplace injury claims and a premium discount is allowed for its implementation.

CONTINGENT COMP RIDER: (NEW) (Pending)

A rider that may be added to a policy to extend worker's comp benefits to EMPLOYEES that travel outside of Texas in case there is a question of type of coverage and employee sues for work comp benefit in other states.

Copyright © T.M. Ferrell Associates San Antonio, TX
terry@ferrellassociates.com