Insurance

GROUP INSURANCE PROGRAMS

Members of NYSEC 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 Association's largest membership program

NYSEC has partnered with industry leader CardinalComp to offer a guaranteed cost electrical contractors safety group.  With particular focus on the reduction of claim costs through efficient claim handling and expert loss control services, members enjoy the following benefits:

• Competitive up-front pricing

• Improved experience ratings

• Outstanding claim handling

• Automated billing programs

• Coverage available for operations outside NYS

• Superior customer service

• Dividend potential

Please contact Jay Mangione at the Association office for further details and quotation, or complete this simple form to get started.

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.

• Premiums are billed quarterly
• Current quarterly rate is $9.00 per employee
• 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:

• Property

• General Liability

• Tools

• Equipment

• Automobile

• 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.