Every employer with subject employees is required by
the Longshore Act to secure its obligations under the Act
for workers’ compensation benefits. Coverage for federal workers’ compensation as required
by the Longshore Act and its extensions is provided by the
Association to its Members on an unlimited statutory basis.
The Association also provides contingent maritime employers’
liability coverage to a separate limit of $10 million for any one
occurrence. This is to cover the remote instance when a
Longshore employee might claim to be a seaman. If a Member
has a true Jones Act exposure, there is a requirement for
separate P&I coverage. Signal does not provide coverage for
other areas of workers’ compensation or liability exposures. State Workers’ Compensation Cover
Signal itself cannot provide State Act workers’ compensation
cover but has arranged for a suitable program to be available
to its Members through a commercial insurance carrier.
A large proportion of the Membership takes advantage of
this coverage because of the benefits of close co-ordination
with the Longshore coverage, particularly in concurrent
jurisdiction states. Membership Application
Application for Membership of the Association requires the
services of an insurance agent or broker who will provide the
Managers with audited payroll and claims details, together
with financial information from the applicant. The minimum information required to provide a quotation is: •  Five years longshore payrolls, on an unlimited basis. •  Five years claims records, as indicated by the relevant insurer’s loss run at a recent valuation date. •  Three years financial statements audited or reviewed by an independent certified public accountant to
GAAP Standards. •  Details of the applicant’s safety program. It is a requirement of entry that each applicant’s financial
statements reach the following standards: •  Current assets exceed current liabilities. •  Aggregate net worth two times the anticipated annual Advance Call. COV E R M E M B E R S H I P Gulf Lakes/Midwest West Coast Southeast Northeast Membership by Area = 10 << Page 3 Page 5 >>