As we all come to terms with dealing with the Covid-19 outbreak I wanted to reassure all of our Members, and their brokers, that while we are working remotely, we continue to provide the high levels of service that you have come to expect and deserve. Of course, my first priority is the safety and well being of our employees. As such, we have implemented strict guidelines and protocols around social separation and work practices. Having said that, our team is more focused than ever in getting the job done using every technical means possible. Our IT and communication systems remain uninterrupted and we encourage you to reach out to any member of the management team if you have any concerns or questions .
Most importantly we have in place a robust system for the delivery of benefit and medical payment checks so that claimants will receive an uninterrupted flow of support. Our safety team continues to support Members training and safety needs electronically. Claims are being handled as usual.
Pleasingly the majority of our Members are still working and reported payroll is only showing a slight drop from last year. As I advised at the General Membership meeting in January, your Mutual has never been in a more secure position financially. The Investment Policy Committee continues to meet on a monthly basis and is carefully monitoring the investment environment to protect and manage the Association’s assets.
We know and appreciate how challenging this is for your businesses but more importantly how distressing it is for our loved ones and our local communities. No one knows when this nightmare will end. At Signal we are doing all we can to provide you with the support and services required to allow you to continue to work as best you can. We are in constant dialogue with your Board of Directors to keep them appraised of developments.
As this fast moving situation continues to develop, your Managers will be providing periodic updates on issues relevant to your Membership and the coverage afforded by the Longshore Act.
Stay healthy and stay safe,
Richard W. Wood
President and CEO
Thirty-five years ago in Bermuda, a few enterprising waterfront employers came together to forge a mutual to save on the cost of their workers' compensation. Signal Mutual was formed and the savings continue today with over 250 Members. All key performance indicators are at all-time highs and are projected to grow, with the principal focus on the safety of Members' employees.
At Signal, we pride ourselves in having a close personal working relationship and partnership with all our Members. We are committed to getting to know each and every one of you. At the heart of this commitment, are the two Membership meetings held in winter and summer each year. These business meetings are carefully designed and structured to give every Member an opportunity to fully understand the complete workings of their Mutual, to follow the finances, and to get acquainted with the entire Board of Directors, management team, and fellow Members.
Signal is the number one provider of Longshore workers’ compensation in the country for a reason – the strength and quality of the Membership. Signal is not an insurance company – it is a Club, your Club.
We look forward to seeing you at the next Membership meeting.
Richard W. Wood
President & CEO
MARITIME CONFERENCE - RESCHEDULED
Nov 2-4, 2020
Hilton Norfolk The Main
Norfolk, VA
ANNUAL GENERAL MEETING
August 6-8, 2020
Grand Hyatt Kauai Resort & Spa
Koloa, Kauai, HI
Signal Mutual Indemnity Association Ltd was established in January 1986 to meet the demands of the stevedoring industry for reasonable and stable workers' compensation insurance rates, and quickly became the premier Longshore mutual in the United States.
The Membership of the Association is drawn from a broad range of employers throughout the country in the stevedoring, shipbuilding/ship repair, marine construction, professional/technical and offshore industries with reported Longshore payrolls over $4.00 billion representing over 250 companies.
The business of the Association, including membership selection, underwriting, safety resources, claims management, actuarial, regulatory requirements and financial risk management is performed by the Association's Managers, Charles Taylor (Hamilton). The day to day responsibility for these operations has been delegated to Charles Taylor's affiliate, Signal Administration, with offices in Dallas Texas, Wilton Connecticut, and Long Beach California.