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OUR
WORKERS'
COMPENSATION INSURANCE
AGENT:
As in the case with our
liability insurance, since opening for business we worked with the
same insurance agent, John Popalowski, in respect to Workers'
Compensation Insurance until he retired. We now work with
John's son, Jay Popalowski, who is with Doeren Mayhew Risk
Management LLC, 755 W. Big Beaver, Suite 2300, Troy, Michigan
48084. The staff there has always proved helpful and quick to
respond to any questions which have arisen.
OUR
WORKERS'
COMPENSATION INSURANCE
CARRIER:
Workers' Compensation
Insurance is much more cut and dry then Liability Insurance. We have
stuck with the same carrier, The
Accident Fund Company, since
back in 1985 when it was known as The
Michigan State Accident Fund.
This company, a subsidiary of Blue Cross Blue Shield of
Michigan, is fully licensed and A- rated in Best's Key Rating
Guide. It is not rated by Standard & Poor's. While
we do not, at this time, provide any claim investigation services
for this company, we are familiar with this insurer's anti-fraud
programs and have a high respect for one of the investigative
agencies known to provide these services under contract.
Insurance companies which actively combat fraud, rather than simply
passing on the costs to policy holders will continue to get our
business.
OUR
WORKERS'
COMPENSATION COVERAGE:
LIMITS
OF COVERAGE
UNDER
POLICY
136801C (2/27/03 -
2/27/04)
Full Statutory Limits.
LICENSE
BOND:
A bond is not
insurance. In most states, a license bond is required for
uninsured (or in some cases, uninsured and
insured) private investigators and security agencies. In most
cases the bond is from $5,000 to $10,000 and its primary purpose is
to protect the licensing agency. Many investigators
erroneously believe the bond is the same as insurance and that they
are protected. They are incorrect and in event of a claim the
bonding company would pay the claim, up to the bond's limit, then
subrogate against the investigator for recovery. Other, less
scrupulous investigators may allege to be "bonded,"
implying the bond is similar
to those covering bonded couriers, et cetera. At Loss
Prevention Concepts, Ltd. we do have these license bonds, but since
they are not third person fidelity bonds, even this minimal
coverage does little to protect the client and detailing them here
would be of little interest.
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