Exceptional Record Return: MI Clubs Fund Distributes $645,000 Back to Members.
Michigan Clubs Fund Announces Profit Return Back to Members!
The Michigan Clubs Self Insurance Fund completes its 34th year with another exceptional return of profits as a result of the Fund’s excellent performance. The Fund was approved to distribute $645,000 of profit back to its members, which brings the total profits returned to over $17.7 million since the Fund’s inception.
Established in 1983, the number of participants continues to increase, as well as the profit returns, with more than 80 members currently in the program. By keeping the overall costs associated with workers’ compensation low, the Fund is the long-term solution for employers. The Fund’s profits, which include premium dollars not used to pay administrative costs and claims, are returned back to members along with investment income. Over time, Fund members receive their premium back in the form of a profit return. The profits are the result of members having excellent loss history with an average profit return equal to 50% of their annual premium.
The MI Clubs Fund is able to return significant profits back to its members primarily due to low losses in addition to its proactive loss control efforts, aggressive claim management and selective underwriting guidelines. Fund members consist of Michigan-based country clubs, golf courses, athletic clubs, yacht clubs, hunt & riding clubs who are focused on their jobsite safety and are devoted to keeping their potential claim costs to a minimum.
One of the many value-added services that the Fund provides is safety and loss control specialists. Sedgwick Claims Management Services Inc. provides educational tools and services that can help members prevent potential claims and assist in the ongoing profitability of the Fund and its members. In addition, members receive semi-annual reports that reflect how they are performing and the amount of profit they are estimated to receive. The MI Clubs Fund has partnered with Midwest Employers Casualty Company, the Fund’s excess insurance provider, to offer even more value-added services. HR360, an online human resource site, is also available at no cost to Fund members. HR360 delivers step-by-step guidance and tools when and where you need it, including current federal and state employment laws, downloadable forms, posters and a sample employee handbook. Find out more about these resources on page two.
Another key to the MI Clubs Fund’s success is being very selective when accepting new members into the Fund. The selection process helps ensure that only the best performing operators participate in the program. In order to be written into the Fund, each new applicant is carefully reviewed and must have a proven track record of low losses, acceptable work exposures, an implemented safety program and be financially stable. The lower the Fund’s claim costs, the greater the profits.
Congratulations on another outstanding year! If you’re not currently a member, you’re missing out on the many benefits that the Michigan Clubs Fund has to offer. Please contact RPS-Regency for more information or miclubsfund.org.