posted May 01, 2020
In alignment with its mission to provide peace of mind to companies through managing risk and helping workers and their families recover from the hardship of unexpected events, the Kentucky AGC Self Insurers’ Fund (the Fund), one of the largest workers’ compensation insurance providers in the state of Kentucky, and the only insurer solely dedicated to the construction industry through exclusive endorsements from its seven (7) sponsoring Trade Associations, is pleased to announce the COVID-19 Loss Mitigation Initiative.
As we all grapple with the measures enacted to prevent the spread of COVID-19, it has never been more important than right now to bring safety and loss mitigation clearly into focus. With resources spread thinly across nearly every organization, we understand the unique challenges our members face in complying with the prevention measures. To that end, the COVID-19 Loss Mitigation Initiative seeks to:
> Provide a ONE-TIME monetary relief period intended to assist members in mitigating risk and minimizing losses during the COVID-19 crisis
> Apply to all active members with no qualifying restrictions
> Issue checks each month for three (3) months based upon, and equal to, 25% of their normal premium paid in for April, May, and June (Note: annual members will receive amounts based upon one quarter of their annual premium)
Members do not need to take any action in order to receive a mitigation payment beyond simply reporting their normal monthly payroll and premium payments.
In closing, we would like to thank the Kentucky Department of Insurance for their quick and decisive approval of the COVID-19 Loss Mitigation Initiative during this unprecedented crisis. This initiative is a testimony to the ability of the private and public sector to collaborate successfully in a time of great uncertainty. With an A.M. Best rating of A- “Excellent”, the Fund stands ready to assist members well into the future through proven financial strength, innovation, and adaptability. Together, we will persevere. For more information, you may contact the Fund Office at (800) 928-7135.