ST. LOUIS--(BUSINESS WIRE)--Safety National Casualty Corporation, the U.S. market leader in excess workers’ compensation and significant provider of treaty reinsurance and large casualty offerings, introduced Oklahoma Elect today. Oklahoma Elect is an employers’ excess indemnity policy that provides excess coverage over an occupational injury benefit plan as well as excess employers’ liability coverage to Oklahoma qualified employers who choose this alternative to traditional excess workers’ compensation coverage.
Safety National created Oklahoma Elect in response to Oklahoma’s passing of SB 1062 into law on May 6, 2013, allowing employers the choice to manage employee injuries under an on-the-job injury benefit plan platform in lieu of the state’s workers’ compensation system effective February 1, 2014.
“We are very pleased to be one of the first carriers to offer this product to employers in Oklahoma who desire an option,” said Tom Hebson, Vice President of Product Development and Government Relations. “As a leading provider of alternative risk funding products, Safety National strives to identify and address the emerging needs of our clients and we believe that Oklahoma Elect does just that.”
Oklahoma Elect was filed and approved by the Oklahoma Insurance Department on March 26, 2014, and Safety National is accepting applications immediately. Full details about Oklahoma Elect can be found on Safety National’s Oklahoma Elect web page.
Safety National is a versatile alternative market insurance provider that offers a broad range of risk funding products through insurance agents and brokers. Founded in 1942, Safety National is the leading provider of excess workers’ compensation coverage to self-insured employers and groups nationwide, and has provided that type of coverage longer than any other company in the United States. Safety National is a member of the Tokio Marine Group and is rated “A+” (Superior), Financial Size Category XII, by A.M. Best. To learn more, visit: www.safetynational.com.
