Washington Self-Insurer's Pension Bond is a type of surety bond that is required of employers who are self-insured for their employees' pensions in the state of Washington. This bond guarantees that the employer will make all necessary contributions to the pension fund in accordance with their pension plan. There are two types of Washington Self-Insurer's Pension Bonds: the Retirement and Indemnity Bond and the Pension Plan Bond. The Retirement and Indemnity Bond is used to guarantee payments to the pension fund in the event of the employer's death or incapacity. The Pension Plan Bond is used to guarantee the payment of claims, including those made by the employer's creditors, in the event of the employer's insolvency or bankruptcy. Both bonds are issued by surety bond companies and are subject to underwriting review.
Washington Self-Insurer's Pension Bond
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FAQ
Being self-insured means that rather than paying an insurance company to pay medical, dental and vision claims, we pay the claims ourselves, using a third-party administrator to process the claims on our behalf.
Each state regulates who may be self-insured for workers' compensation. Normally, a prospective self-insured submits a required application accompanied by audited financial data, prior workers' compensation loss history, and other information required by each state.
Self-insurance involves setting aside your own money to pay for a possible loss instead of purchasing insurance and expecting an insurance company to reimburse you.
Saving money may be the primary driver when companies decide to self-insure, but there are other benefits as well. Employers can eliminate costs for state insurance premium taxes. And they don't have to adhere to state-mandated coverage requirements.
insurer's bond is a type of surety bond that provides a promise to pay selfinsured losses in case the promisor (selfinsurer) is unable to meet its obligations.
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.
There are two types of bonds that a principal can put forward ? a surety bond is a guarantee by a third party and a personal bond depends on the operator's assets.