AD-COMP(R) Announces Second Consecutive Annual Equity Distribution
Auto Dealers Compensation, First and Largest Self-Insured Group in California, Celebrates Fourth Anniversary in March
SACRAMENTO, Calif., Feb. 27 -- For a second consecutive year, the Auto Dealers Compensation of California, Inc. (AD-COMP(R)) Board of Trustees has announced an equity distribution that will divide approximately $2.7 million among its 272 members.
Total returns now exceed $10.3 million. AD-COMP(R), formed in 2002, is California's first and largest private workers' compensation group self-insured program. Its auto dealer members generate $1.3 billion in payroll and make more than $24 million in annual contributions to the self-insured group.
AD-COMP(R) membership spans the entire state, with member dealerships in San Diego, Los Angeles, Palm Desert, San Jose, Sacramento, San Francisco, and the Central Valley.
The equity distribution coincides with preparations for AD-COMP's Annual Membership Meeting on March 27 at the Hyatt Regency in Sacramento. Held in conjunction with the California Motor Car Dealers Association's Dealer Days, the Annual Meeting will also mark AD-COMP's fourth anniversary.
"We are pleased with our ability to control our own destiny. This great success can be attributed to all of our members taking advantage of the superb safety and loss control programs that ensure the safety of our employees. This helps to eliminate claims and to take advantage of the tremendous impact of diligent claims management," said AD-COMP(R) Chairperson Mike Johnson.
The AD-COMP(R) program provides a long-term, stable alternative to the California commercial workers' compensation insurance market. The program allows fiscally sound and safety conscious dealers to pay reasonable rates, receive better service and share in potential profits. The mutual benefit, non-profit corporation is owned by all members.
The AD-COMP(R) program is designed to stabilize workers' compensation costs and provide long term financial advantage by:
-- Creating safe workplaces for our employees by implementing world class risk control programs to reduce losses before they occur; -- Streamlining administrative costs; -- Funding conservatively in accordance with state regulatory guidelines to cover losses that do arise; -- Purchasing excess insurance for extremely large claims; -- Administering claims effectively and efficiently once they occur; -- Providing oversight of the claims process to help control the ultimate cost of claims; -- Marketing the program to prospective members who are committed to reducing their workers' compensation exposures; and -- Adhering to the strict guidelines mandated and regulated by the State of California, Office of Self-Insurance Plans.
AD-COMP(R) is administered by Bickmore Risk Services in Sacramento which oversees day-to-day operations for the group. Claims are managed by Intercare Insurance Services and brokerage and marketing services are provided by Dealer Cover Insurance Services.
To receive information on how to join AD-COMP(R), or about the Annual Meeting on March 27, 2007, call Randy Foster, Dealer Cover Insurance Services, at (800) 936-7837, or visit the AD-COMP(R) website at http://www.adcompsig.org/.