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Coverages

The LRA/SIF is a nonprofit, state-regulated, member-funded pool providing workers' compensation insurance – operating with a fund year of January 1 to December 31. The LRA/SIF has operated since the beginning of 1982. The program is Licensed & Approved by the Louisiana Department of Insurance.

Reinsurance/Excess Carrier

New York Marine and General Insurance Company

Coverages

Specific Stop Loss - Statutory limits
Aggregate Stop Loss - $4 million
Employer's Liability - $1 million-$1 million -$1 million
Specific Retention - $300,000

Size

Total Annualized Standard Premium = $21 million
2,000 members representing more than 2,900 locations in Louisiana with $700 million in insured payrolls

Advance Discount

All LRA/SIF participants receive up to 15% front-end discount. This is the maximum discount allowed by the Louisiana Insurance Commissioner's office.

Methods of Payment

Monthly Payments - Can be made based on actual monthly payroll figures or on an estimated annual projection of payroll with a deposit of 16%
Quarterly Payments - Can be made based on actual quarterly payroll figures or on an estimated annual projection of payroll with a deposit of 30%

Services to Insured

Aggressive, prompt and efficient claims administration
Quarterly loss runs/free safety inspections and consultations
Free safety seminars (click here for the 2008 schedule)

Sponsoring Association

The Louisiana Restaurant Association. Membership dues start at $150 and are based on one year of sales.

Eligibility

Restaurants, hotels, caterers, country clubs, private clubs and other hospitality-related businesses in Louisiana.

Membership Requirements

Must be a member in good standing of the Louisiana Restaurant Association and must have a good loss history and meet the fund's underwriting requirements.

Dividend Returns

After all expenses are paid, excess premiums are available for refund to the members of that fund year. These dividends are given back at the direction of the Board of Trustees. To date, more than $81 million in dividends has been refunded to LRA/SIF members.

 

 
Safety Credit Criteria

In order to be eligible for the safety credit and receive up to an additional 5% of your premium returned as a credit, you must meet all of the following three criteria*:

Loss Ratio must not exceed 50%. The loss ratio will be calculated after all final premium audits are completed.

Written company safety program. A copy of your written company safety program must be forwarded to the Loss Prevention Department by the end of the fund year.

Attendance at Annual Safety Seminar. A representative from the member must attend at least one Safety Seminar conducted by the Loss Prevention Department annually.

2008 Safety Seminar Schedule

*As with all dividends and credits, they are subject to declaration by the Board of Trustees of the LRA/SIF and approval from the Louisiana Department of Insurance.

Louisiana Restaurant Association2700 N. Arnoult Road, Metairie, LA 70002Phone (504) 454-2277Fax (504) 454-2299

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