Washington Self-Insured Employer Certificate of Excess Insurance is a risk-management tool provided by the state of Washington. It enables employers to transfer certain risks associated with employee injury and property damage to an insurance carrier. The certificate provides employers with additional protection beyond their existing self-insured retention (SIR) limit, and may be used to reduce the cost of workers’ compensation premiums. There are two types of Washington Self-Insured Employer Certificate of Excess Insurance: Standard and Aggregate. The Standard Certificate of Excess Insurance is designed to provide employers with additional coverage up to a stated limit for individual losses. The Aggregate Certificate of Excess Insurance is designed to provide employers with additional coverage up to a stated limit for all losses during a specified period of time.
Washington Self-Insured Employer Certificate of Excess Insurance
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How to fill out Washington Self-Insured Employer Certificate Of Excess Insurance?
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FAQ
UPS's liability for loss or damage is limited, depending on the type of package and your location. If the value of your goods exceeds this amount, use Declared Value for Carriage to declare a higher value for your shipment up to the maximum allowed in your country or territory.
UPS provides all packages automatically with $100 worth of liability for loss or damage. A shipper can choose to declare a higher value for the shipment with an additional charge. With this in mind, UPS specifically states that UPS declared value is not insurance.
How can you know if your plan is self-insured? Because many employers use a third party administrator, such as an insurance company, to handle claims, you may not necessarily know if your plan is self-insured. To find out, contact your employee benefits administrator in your employer's human resources department.
Insurance coverage is underwritten by an authorized insurance company and issued through licensed insurance producers, including UPS Capital Insurance Agency, Inc. (?UPSCIA?) ? a wholly owned subsidiary of UPS Capital Corporation (?UPS Capital?).
Self-Insured Excess means an amount that the insured is required, by the terms of any contract between the insured and the insurer, to pay to the claimant in the event of a claim.
UPS Declared Value Overview Declared Value of PackageCost$0 - $100No Charge$100.01 - $300$3.45Over $300 - Charge for each $100$1.15 per $100 Declared
To apply to be self-insured, an employer must complete and submit the following documents: Application for Self-Insurance Certification (F207-001-000) with a nonrefundable fee. Self-Insurance Certification Questionnaire (F207-176-000). Three years of audited financial statements in the name of the applicant.
UPS carries a large insurance policy for all of its drivers because they do not want to pay their own money out in a lawsuit. Even if your claim exceeds the policy maximum, UPS has the deep pockets necessary to pay your damages.