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Introduction
Workers'
Compensation Group
Self-Insurance
Dealer
Cover is the exclusive marketing agent for Auto Dealers
Compensation of California, Inc. AD-COMP is the largest
private group self-insured program in California.
AD-COMP was the first private self-insured group formed
January 1, 2002 to insure the Workers' Compensation
liabilities of California franchised auto dealers.
AD-COMP members are a special group of dealers dedicated to
the prevention of workplace injuries and reducing the expense
of Workers' Compensation.
Membership
Plan
The
operation principles behind group self-insurance are relatively
simple. State regulations require private
sector groups to:
- Prepare
a feasibility study
- Have
a qualifying net worth among members
- Belong
to the same homogenous industry
The
group must be:
- Governed
by a Board of Trustees
- Charge
adequate premiums
- Carry
specific excess insurance for catastrophic losses
- Actuarially
project losses
- Agree
to joint and several liability of all losses
These
requirements are in addition to the state requisite for all
Workers' Compensation self insurer to:
- Post
Security for 135% of Future Claims
- File
annual reports of liabilities
- Pay
assessment fees
The
group pays each year's expenses from collected funds and
retains any surplus from contributions and investments for
those members who contributed in that year. AD-COMP is a
non-profit mutual benefit corporation owned by California
franchised auto dealers who have grouped together for the
purpose of insuring their workers' compensation liabilities.
In
1993 California passed legislation to allow private employers
to establish group workers' compensation self-insured
programs. On January1, 2002 the California Department of
Industrial Relations, Office of Self-Insurance Plans (DIR
OSIP) approved the group application for AD-COMP and issued a Certificate
of Consent to Self-Insure.
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 PLAN
DETAILS
More efficient way to pay for
predictable losses.
Read more
SELF
INSURANCE GROUP
What is a self insurance
group?
Read more
SPECIAL
BULLETIN
280+
members
$20 million +
annual contributions
Read more
ANNUAL
MEMBERSHIP MEETING
AD-COMP Power Point
Presentation
Read
more
CONTACTS
AD-COMP Service
Providers
Read more
TRUSTEE
REPRESENTATIVES
AD-COMP Service
Providers
Read more
QUOTE
Workers' Compensation
Application
Read more
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