Overview
Services
Rates & Discounts
Payment Plans
Overview
LUBA Workers' Comp has approximately 4,300 policyholders, annualized premiums over
$60 million, and assets over $100 million. Coverage is available
exclusively through 70+ local independent
agencies throughout Louisiana.
LUBA Workers' Comp provides for management
of the day-to-day operations (including
underwriting, loss control services, claims
administration, premium billing, and collections)
through its contracted administrator/service
company located within LUBA Workers' Comp's
headquarters in Baton Rouge.
Statutory / Regulatory Compliance
LUBA Workers' Comp holds a Certificate of
Authority from the Louisiana Department of Insurance to provide workers' compensation
insurance and is in compliance with
Titles 22 & 23 of the Louisiana Revised Statutes. The
company makes annual filings to the Louisiana
Department of Insurance and undergoes an
independent audit each year by Postlethwaite
and Netterville, CPAs.
Eligibility
Coverage is available to Louisiana-domiciled
employers based on claim history and estimated
risk, which are reviewed by qualified underwriters
on a case-by-case basis. This enables us
to maintain low premiums and return greater
dividends to our policyholders. To further
ensure low-cost, high-quality coverage,
we require all policyholders to implement
an active safety program and assist with
aggressive claims management.
Marketing
Available through recognized independent
insurance agencies throughout the state,
this service guarantees policyholders local, personal
service.
Investments
Financial security is important to both
policyholders and agents in today's ever
changing insurance climate. Stability has
been achieved by developing and maintaining
a conservative investment policy designed
to provide maximum quality and liquidity.
All of LUBA's investments meet the requirements of
the Louisiana Department of Insurance regulations
as well as state and federal statutes. The majority of the portfolio is invested
in U.S. Government securities and agencies
maturing in five years or less.
Reinsurance
LUBA maintains a strong reinsurance
program provided primarily by Midwest Employers Casualty Company, an "A" rated insurer by A.M. Best.
Services
LUBA's policyholders receive a full range
of technical services including claims administration,
underwriting/policy services, loss control,
and data processing. Additional services
include cost containment, flexible interest-free
payment plans, advance discounts, efficient
billing and auditing, dividend returns for
good performance, and incidental U.S. Longshoremen
and Harborworkers coverage.
Comprehensive Claims Services
- Responsive claims service and aggressive
claims investigation
- Specially trained investigative personnel
- An effective, ongoing cost containment
program led by registered nurses and medical
management specialists
Personalized Loss Control Services
- Certified loss control consultants strategically
located throughout the state
- Regular data management reports to help
you analyze accidents and identify loss
trends
- Technical assistance in dealing with
OSHA and state audits
- Drug-free workplace consultations
Responsive Data Management
- State-of-the-Art I-Series and information management system
Additional Member Services
- Low premium rates
- Interest-free, flexible payment plans
- Large advance discounts
- Efficient billing and auditing
- Dividend returns for good performance
Rates, Discounts, and Dividends
By pre-screening prospective policyholders,
requiring safety programs and aggressive
claims management, LUBA Workers' Comp ensures
the lowest possible rates without compromising
coverage quality. We also offer preferred
discounts up to 15%, as well as schedule
rating of up to 25% on qualifying accounts.
When combined, these premium reductions
can equal up to 40% in total discounts and
credits. All rates and discounts
are approved by the Louisiana Department of
Insurance.
Every year since 1994 LUBA has returned cash dividend surpluses
back to its policyholders. The dividend
reimbursement program has accounted for the return of over
$24 million since its inception.
LUBA Workers' Comp coverage is sold exclusively
by independent agents throughout Louisiana
and is represented by 70+ local
agencies.
Payment Plans
Twelve-Pay Installment Plan
This option allows a qualified policyholder
to pay a down payment equal to 1/12 of the
annual premium plus expense constant. The
remaining premium is divided into equal
monthly installments. There is no finance charge.
Monthly Self-Reporting Plan
This option allows for an escrow deposit
of 10%, 15% or 25% of the annual premium.
Thereafter, the policyholder is required
to make payments by the 15th of each month
based on payrolls incurred in the prior
month. There is no finance charge.
Ten-Pay Installment Plan
This option allows for a down payment representing
17% of the annual premium. The first installment
is the total of the down payment of 17%
(of total annual premium), plus first installment,
plus expense constant. The remaining premium
is divided into equal monthly installments.
Annual Plan
This option allows for full payment at policy
inception. No deposit is required. |
