In January, 2004 a group of reputable golf and country clubs in California came together to assist one another with different issues related to their workers’ compensation insurance, including premium, risk management, loss control and loss reduction. In conjunction with Monument Administrators LLC, they established their own nonprofit organization called Elite Golf Inc. Monument has now partnered with Chapman to make this program available to more private golf clubs.
Over the past five years, the results produced by Elite Golf Inc. have been no less than spectacular:
- Member clubs have saved approximately $2.9 million compared to premiums in standard markets
- All capital contributions (totaling $661,480) have been returned to member clubs
- Approximately $850,000 in dividends (underwriting profit) has been returned to member clubs
The Elite Golf program is highly selective, and it is that scrutiny that allows the program to be so successful.
- Lower Rates - Administrative costs are lower than insurance companies and the program has certain tax advantages, such as not being subject to premium taxes.
- Accident and Injury Prevention Plan – Homogenous plans are able to create industry-specific loss control and avoidance programs that benefit members.
- Net Profits Returned to Members – The plan is “Nonprofit.”
- Investment Income – Lowers the cost to the membership and is also returned if not needed for program expenses or losses.
- Improved Claims Management – Customized claim management using state-of-the-art internet claim reporting and monitoring.
- Excess Insurance – Protects the program from unexpected or catastrophic claims.
- Program Oversight – Plan members own and manage the affairs of the program for the benefit of the members at large.
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