Occupational Accident Insurance (OAI) Carve-Out Coverage
For Large Deductible and Self-Insured Workers’ Compensation Accounts
|
|
Named Perils Coverage written on a first dollar indemnity basis insuring accidental Death, Dismemberment, and Paralysis loss
NEW! MEDICAL feature now available on the OAI base package.
Preferred Classes of Business
- Health Care
- Municipal
- Mercantile
- Manufacturing
- Service
- Transportation
Carve Out Coverage Highlights
- OAI Carve-Out coverage is ideal for employers with multi-state exposures and smaller, loss sensitive accounts
- Reduces the employer’s retained risk
- Provides for cash flow protection against catastrophic loss
- Provides immediate funds to be used at the employer’s discretion to meet his obligations under the WC Act
- Provides funding for the early settlement of WC claims
Medical Feature Highlights*
- Coverage is triggered by a hospital confinement as a result of an accidental injury, which occurs within four (4) days of a Covered Occupational Accident and lasts for more than 72 hours.
- Coverage provides scheduled indemnity each day of a hospital confinement and is retroactive to the first day of the hospital stay
- In-hospital maximums up to $180,000 per employee per accident are available
- AM Best A- VIII rated carrier
- *Hospital Confinement coverage will offset/defer medical and other costs associated with a serious injury requiring hospitalization. This feature is currently only available in the following states: AL, AK, AR, CA, DE, GA, HI, ID, IL, MD, MA, MI, MS, MO, MT, NH, ND, and PA
Non-Preferred Classes of Business
- Agri Business
- Mining– Oil & Gas
- PEO/EE Leasing Companies
- Temp. Labor Services
Submission Requirements
- Excess Work Comp or ACORD® application
- Five years loss information in summary form, plus the current year
- Five years individual losses > $25,000 plus the current year
- Valuation date within 90 days of submission (please specify date)
- Five years payroll history
- Current payroll and number of employees by WC class code
Availability
Download this fact sheet
|
|
Contact 5Star Workers' Compensation Program
877.247.9772
marketing@5StarSP.com
5Star Workers' Compensation Program
906 South Kirkwood
St. Louis, MO 63122
|