Unique program yields significant cash back for second consecutive year
Hot on the heels of hitting the 500-member mark, the Independent Fixed Base Operators Association (IFBOA) announced to its membership today that their participation in the organization's exclusive workers compensation program has yielded a return of 19.1% of their workers compensation insurance costs this year.
This marks the second straight year of double-digit returns for the IFBOA program, as 2011 saw a return of 22% for that year. These are significant returns on any investment, much less on insurance coverage that is considered mandatory for most companies to carry.
The IFBOA Workers Compensation Insurance Program was created in 2011 specifically with aviation businesses in mind. It not only offers highly competitive rates, but also makes it possible for participating members to enjoy an annual return on insurance payments whenever annual premiums collected for the program, exceed the administrative and claims costs for a individual year. In IFBOA's view, these are costs that can be influenced significantly by its members' participation in good training programs and best practices for their employees.
The returns have been named "Good Experience Returns" (GER's) by the organization, and checks are issued to participants in the fourth quarter of each year a return is applicable.
Since its creation in 2011, the IFBOA program has experienced double-digit GER's in each of its first two years. The program is underwritten by QBE Holdings and administered by AirSure Limited, one of the world's largest providers of insurance brokerage services for the business aviation market.
"There are several benefits to being an IFBOA member" said John Wraga, founder and executive director of IFBOA, "but receiving money back on your workers compensation coverage is absolutely one of the best. I'm very proud of the program we've built - and doubly-proud of our members - not only for their participation in it, but for the safety practices they've put into place that make these Good Experience Returns possible."
The Independent Fixed Base Operators Association is dedicated to the long term vitality and success of its members
through collaborative endeavors, knowledge sharing, and best practices standardization on a global scale.
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