Eligibility for Signal
Signal's Board of Directors has determined three basic guidelines for eligibility
for Membership in Signal Mutual Indemnity Association.
These are:
- A minimum Advance Call of $100,000
- Signal will not provide coverage that is excess of a self-insured retention. However,
for companies with a larger Longshore exposure, a deductible program is offered.
- Signal will only provide quotations through a broker.
Information Required
If you have a company that you think would be interested in obtaining a quote from
Signal, we will need the following:
- Five years of gross (including overtime) LHWCA payrolls
- Five years of claims listings showing paid and outstanding claims at a valuation
date less than three months ago
- A brief background history of the company
- Three years audited or reviewed financial statements for the company, the latest
being less than six months old
- A copy of the company's safety program.
Rating Process
Signal will review and evaluate financial data, claims history, and the safety program
to produce a claims to payroll rate which will then be grossed up for the overhead
factor. Overheads include reinsurance costs, management fee, brokerage and general
administrative expenses. A rate will then be issued quoted as a percentage of payroll.
Binding Process
Once a rate has been developed, a Signal underwriter will visit the prospect to
make a presentation along with the broker. Should the company then make a decision
to join Signal, there are some administrative details which need to be completed
prior to entry: