Excess loss coverage is a unique unemployment insurance option for larger employers who have already chosen reimbursement financing. Our excess loss insurance policies limit your liability when unexpected events leading to layoffs occur. The attachment point (the point at which this stop-loss insurance coverage applies) is based on your organization’s individual profile.
Excess Loss Insurance covers you from your attachment point up to the maximum limit. The example illustrates coverage from $100,001 up to $350,000. In contrast, the Bonded Service Program provides first and last dollar coverage.
In our Excess Loss Insurance program, we do not hold any of the insured’s funds. The Unemployment Savings Program members make quarterly deposits and receive the benefit of a credit advance up to the attachment point.
With First Nonprofit, the Excess Loss Insurance limits are calculated based on individual employer size, experience, and risk capacity.
NYCON members who use First Nonprofit’s programs enjoy enduring savings and improved efficiency. Our association knows that success, because from the beginning, we achieved the same great benefits. Great savings, seamless technology, and responsive service. NYCON highly recommends First Nonprofit’s remarkable unemployment solutions.
We were introduced to First Nonprofit through another housing authority. In our analysis and comparison to what we were paying the State, our first year savings was $5,800 plus. We have been with them since the end of 2008 and I am glad we have been. I consider them an arm of our HR department.
Because INCS advocates for the operating conditions that allow charter public schools to provide high quality public education, partnering with First Nonprofit was an easy decision. First Nonprofit’s unemployment programs provide our member schools two operating elements crucial to their ability to provide high quality public education: savings and budget certainty. Capable, committed teachers are the key to student success. By participating in the unemployment insurance savings plan, charter public schools gain peace of mind and are able to invest more money in their teachers.
Throughout our membership in the Unemployment Savings Program, First Nonprofit understood our demands, community dynamics, and the importance of seamless services; that allowed us to serve our constituents better.