LOUISVILLE, Ky. (May 1, 2020) – The Kentucky Associated General Contractors Self Insurers’ Fund is pleased to announce the COVID-19 Loss Mitigation Initiative. The initiative seeks to assist members in mitigating risk and minimizing losses by providing a 3-month relief period where members will receive checks based upon, and equal to, 25% of their normal premiums paid for April, May and June. The initiative applies to all active members with no qualifying restrictions.
“The Kentucky AGC-SIF has always placed a strong emphasis on workplace safety and health. The COVID-19 Loss Mitigation Initiative is an opportunity to financially encourage the expansion of investment in safety for thousands of Kentucky’s construction companies,” said Mike Kegley, chairman of the board.
The launch of the COVID-19 Loss Mitigation Initiative follows the distribution of $12.9 million in dividends and tax in March of 2020, representing 26% of the premiums paid in for the 2015 policy year. Over 97% of the membership qualified for a dividend payment.
Since its inception in 1979, the Kentucky AGC-SIF has grown to one of the largest providers of workers’ compensation insurance in the state of Kentucky, and the only carrier solely dedicated to the construction industry. The Kentucky AGC-SIF has earned an A- (Excellent) rating from the A.M. Best Co. and boasts 26 consecutive years of returning dividends to its membership totaling nearly $200 million.