Fireman's Fund Insurance Company as part of a dividend agreement for the workers' compensation program of the California Pharmacists Association is returning $1.4 million to CPhA members, the company said.
Fireman's Fund said it began providing the CPhA with its workers' comp coverage after the group's prior insurer left the state.
The dividend agreement was included at the request of CPhA's sponsored program broker and administrator, Marsh Affinity Group Services, as a means of offsetting the high rates for coverage.
"With the financial pressures we faced over the past few years with soaring workers' compensation premiums and now with Medicare Part D, it is gratifying to see our association help us get some of our money back," said Gary Thomas, a CPhA member from Sacramento.
Fireman's Fund attributed the program's success in part to its claims handling, which the company said includes consultation with the insured, Marsh brokerage, and the CPha's director of insurance.
"Our loss control visits aid in identification and mitigation of hazards, making a significant impact on the overall success of the program," said Gary Bhojwani, president of commercial insurance for Fireman's Fund.
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