 Insurance
GROUP INSURANCE PROGRAMS
Members of NYSAEC may take advantage of our group
insurance programs, designed specifically for the electrical
industry. For over sixty years, the Association has strived for the
best possible coverage, service and price to help lower your bottom
line costs.
WORKERS' COMPENSATION GROUP
The Elec-Con Trust - Transforming the Industry
NYSAEC established a group self-insurance trust for
the electrical construction industry, based upon three decades of
experience with rates and losses. The program is not affiliated with the
State Insurance Fund nor is it a “construction group” where more
hazardous trades are combined with electrical. THE ELEC-CON TRUST is
owned and controlled by the members through an elected board of
electrical contractor trustees.
Administrative services are provided to THE ELEC-CON TRUST by
First Cardinal,
LLC, the largest administrator of workers’ compensation
group trusts in NYS. The combination of NYSAEC’s experience and
oversight with Cardinal’s extensive resources and professional staff
have set a new standard for this vital coverage.
Further details of the program are provided under
the following headings:
NYS DISABILITY BENEFITS (DBL)
The Association has teamed up with First Cardinal,
LLC to offer the Cardinal Disability Trust. This program provides the
required statutory coverage for your employees when they are injured off
the job. The program provides prompt payment of claims, ease in premium
payment, and efficient service.
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Premiums are billed quarterly
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Current quarterly rate is $9.00 per
employee
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Same low rate for male or female
Please contact the Association office at (800)
724-1904 for an application and further details.
PROPERTY & CASUALTY GROUP
Underwritten by Harleysville Insurance Co.
An "All Lines" coverage program designed specifically for Electrical
Contractors and available only to members of the State Association.
Coverage's include:
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Property
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General Liability
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Tools
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Equipment
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Automobile
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Umbrella
Enhanced coverage endorsements designed for
specifically for electrical contractors. General Liability
endorsements to cover "GC Requirements".
Harleysville is an "A" rated carrier with extensive expertise in
construction. Use your own authorized Harleysville agent, or the
Association's program manager Cool Insuring Agency.
For further information on the group, and the program enhancements
available through Cool Insuring Agency
click here.
WORKPLACE BENEFITS
Underwritten by Allstate Insurance Company
The Association’s Elec-Con Agency has been
officially appointed as a representative agent of Allstate Insurance
Company. The appointment allows the Association to offer our members
exclusive group pricing and terms for the following coverages—collectively
referred to as “Workplace Benefits”:
20 Year Term Life Insurance up to $100,000
- Used to cover “temporary” needs such as mortgage payments or college
tuitions
- Use proceeds to shield business partners from company debt
- Coverage up to age 70
- Convertible to Universal Policy before age 65 without evidence of
insurability
Universal Life Insurance up to $100,000
- “Permanent insurance” Coverage can remain in effect until age 95
- Flexible premium payments
- Builds cash value which grows tax-deferred at minimum interest rate of
4.5%
- Can take loans against cash value
Short-Term Disability Insurance
- Used to supplement lost income during illness or injury
- Benefit period of 3 months to maximum of 2 years
- Maximum benefit of 3,000 per month
Specified Disease “Cancer” Insurance
- Pays benefits for first occurrence, hospital stays, transportation and
family lodging,
intensive care and cancer treatments.
- Guaranteed renewable for life
Accident Insurance
- Coverage for minor & serious injuries, even death
- Coverage for hospital confinement, ambulance, PT
- Benefits paid directly to you, and regardless of other coverages.
These Voluntary coverages are available to employees, management and
owners of NYSEC member firms, as well as their families. The cost of the
coverage is borne by the individual employees through payroll
deductions, which means you can offer an enhanced package of benefits at
no cost to the company.
You may be surprised by the level of interest your employees will have
in these products. Some will be served simply by being exposed to these
important financial tools for the first time. For others, the less
restrictive group underwriting will allow for coverage where they may
have previously been denied.
We have selected Allstate for their reputation, financial strength, and
competitive rates. You can be assured that you and your employees will
be treated with professionalism, and there will be no pressure sales
tactics used. For further details, please contact
Jay Mangione at the Association office.
LONG TERM CARE
Underwritten by John Hancock Insurance Company The
issue of long term care has become more prominent in this country during
the past few years. The rapid expansion of the elderly population and
the increased occurrence of family members living across the country
mean that a large number of American families will be faced with the
problem of how to provide care for each other when the need arises. The
consequences for these families can be emotionally and financially
draining. Younger adults, too, can face the decision of how to pay for
extended care due to an unforeseen accident or illness. Most
company-provided medical benefits do not cover long term care expenses,
and disability benefits are only intended to cover the loss of income.
Essentially, long-term care insurance helps pay the cost of extended
health care if it’s needed. It covers the type of care you or someone in
your family may need if you no longer can take care of yourself. This
care can be provided in the home, an assisted care living facility, an
adult day care center, or a nursing home. By offering a long-term care
insurance policy to your employees, you will encourage workers, retirees
and their families to consider the need to plan for long-term care.
Aside from encouraging your employees to plan for the future, your
company will also benefit from these features of the group product:
• Enriches your benefits package and helps you attract and keep talented
employees
• Members receive group discount
• A carve-out option is available, which gives you the ability to offer
to only a portion of employees, if desired
• Requires minimal administration on your part
• Premiums you choose to pay on behalf of your employees are discounted
and tax-deductible
• Costs you little or nothing
We
have partnered with John Hancock Life Insurance Company to offer long
term care insurance to all eligible members. Long term care insurance
can help protect your assets and your family from the high cost of long
term care services.
John Hancock is one of the pioneers in the long term care insurance
market and has over 140 years experience providing a range of insurance
products. Further information is available at the
John Hancock website
>Long Term Care Insurance article
Please contact the Association office for
pricing and further details.
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