Longshoreman Insurance Captive Saves 47% for Shipbuilder
JASPER, Ala. (PRWEB) July 08, 2018 -- LongshoremanInsurance.com is a national marine insurance company focusing on Marine and longshoreman insurance for staffing companies and marine contractors across the USA. The marine agency is licensed in most all 50 States and markets marine or longshoreman insurance (USL&H) for Staffing Companies or contractors and others working in the marine industry. For example, setting up a captive insurance company for one 300 employee staffing company greatly reduced their premium after http://www.longshoremaninsurance.com set up the captive for them. The analysis by our Certified WorkComp Advisor, CWCA, confirmed few employee injuries with very light severity. The employer agreed to our suggestion to consider a Captive. Next came the feasibility study to verify creating the captive would make emotional and economic sense. Longshoreman.com employed a Captive Insurance Company (CIC) formation and administration law firm. Captive Insurance Companies must satisfy both the IRS and the department of insurance in the State in which the captive is formed. Approval can only occur when the company meets all State and Federal compliance, laws and regulations. The RESULT as that rates dropped dramatically from approximately $17.50 per $100 in payroll to around $7.50 per $100 in payroll on a monthly reporting basis to prevent any large additional premium audit. The resulting savings is anywhere from $47,000 to $52,000 per month, depending on payroll for the month.
LongshoremanInsurance.com is a “can do” company and works with insurance agencies as either a wholesaler or directly with the clients or contractors needing this required and very important coverage. LongshoremanInsurance.som One of the most popular web pages of LongshoremanInsurance.com is the FAQ page at http://www.longshoremaninsurance.com/faq.html which answers many commonly asked questions pertinent to marine staffing, marine contractors, marine welding companies and others working in the marine industry.
Longshoreman Insurance (USL&H) is a required insurance coverage for many contractors and workers that work in and around a navigable body of water. The Longshore and Harbor Worker’s Compensation Act (LHWCA) was passed by Congress in 1927 and protects over 628,000 workers who may be injured or have an employment-related injury or occupational disease on navigable waters of the USA, or in adjoining areas. Longshoreman Insurance is the federal type of workers compensation insurance and is usually more expensive due to the nature of the work. Contractors and Staffing Agencies should not release a legal binding bid without first check out how much the USL&H coverage and other marine coverages such as Marine Employers Liability (MEL), Marine General Liability and Jones Act Insurance (among other potential coverages) will cost you. In addition to USL&H insurance, LongshoremanInsurance.com handles Jones Act, State Act Workers Compensation, Hull and Equipment, Defense Base Act, Marine General Liability, Boat Dealers Package, Oil Pollution Liability Act Coverage, Marine Builders Risk, Shipyards, Ship Repairers Legal Liability, Marine Contractors Package, Marine Concessionaires, Work Boats, Tug Boats, Harbor Vessels, Charter Excursion Casinos and P&I or Protection and Indemnity.
The company has the ability to underwrite all Marine related risks. LongshoremanInsurance.com also owns the sister company of http://www.oceaninsurance-us.com and sells Longshoreman and marine insurance to port workers in Louisianna, Texas, New York, California, Virginia, South Carolina, Florida, Georgia, Alabama, Mississippi, Tennessee, Kentucky, Michigan, Washington, Hawaii, North Carolina, Alaska, Ohio and others. Longshoreman Insurance can be reached via text at 205-221-5466, email at [email protected] or phone 844-667-6640. Alex Harris and O. Rickey Harris are both Commercial Marine Insurance Professionals with the CMIP designation and both are Certified Workers Compensation Advisors with the CWCA designation. LongshoremanInsurance.com is a partner member of both The American Staffing Association and of The ShipBuilders Council of America located in Washington, D.C.
Rickey Harris, LongshoremanInsurance.com, http://www.longshoremaninsurance.com/, +1 8446676640 Ext: 101, [email protected]
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