Specific Excess Workers' Compensation Insurance

 

1.

Self-Insured companies are required to purchase specific excess workers' compensation coverage. Proof of this coverage must be sent to the Georgia Self-Insurers Guaranty Trust Fund or the State Board of Workers' Compensation annually.
2.

The workers' compensation limits of the policy must be "statutory".
3.

The self-insured specific retention amount must be "per accident" or "per occurrence."
4.

All of the items below must be stated on each and every policy, declaration page, or certificate of insurance associated with the policy.
 
a.

The insurance company that issued the policy.
b.

The effective date of the policy.
c.

The expiration date of the policy.
d.

The self-insured specific retention amount of the policy followed by "per accident".
e.

The workers' compensation limits of the policy, which must be "statutory".
f.

A statement that the policy is a specific excess workers' compensation policy
g.

The companies insured by the policy, which must state the self-insured's name followed by "and self-insured subsidiaries and affiliates, if any".
h.

States of Self-Insured Operation must list Georgia.
5.

"Georgia Self-Insurers Guaranty Trust Fund" must be listed as a party on the cancellation endorsement; otherwise, the "Georgia Self-Insurers Guaranty Trust Fund" must be listed as a certificate holder. Please see CANCELLATION ENDORSEMENTS for acceptable Georgia Endorsements.
6.

The specific excess workers' compensation policy must include a Bankruptcy Endorsement.  Please see the "Bankruptcy Endorsement" link in this section for the acceptable language.

PLEASE NOTE: Only insurance companies with an AM Best rating of "A minus" or better are acceptable.