1. Submit a completed FMIT Underwriting Survey.
  2. Request and submit your current and four prior years’ loss history from your workers compensation insurance carriers.
  3. Request and submit your current Experience Rating Worksheet from the National Council on Compensation Insurance along with the prior two (2) years worksheets.
  4. Submit your most current audited financial statements.
  5. Submit a copy of your current workers compensation policy.

Joining FMIT has the following advantages:

  • Long-term cost reduction for workers compensation coverage.
  • Risk management consultation on a continuing basis.
  • Loss control services specifically designed for your industry.
  • Claim services designed to pay valid claims and to vigorously fight and fraudulent claims.
  • Excess insurance provides protection for catastrophic claims.
  • Program is governed by its members; thus, each member has more control over how their workers compensation dollars are spent.
  • Investment income is totally owned by the members and may be applied to the claims fund or other program expense.
  • FMIT will provide you long-term control of future workers compensation coverage.

Yes.  The Trust has to abide by all the requirements and regulations of the Missouri Department of Insurance.  The entire program must be approved by the Missouri Department of Insurance. The service company, Cowell Insurance Services, Inc. (CIS), is licensed and approved by the Missouri Department of Insurance.  The Service Company must provide continuous reports to the State of Missouri on fund activities and financial position.

Assessments are possible in any self-insurance risk management program but can only occur if the program is deemed underfunded by the Missouri Department of Insurance.  To protect this program from the possibility of an assessment, the following steps have been taken:

  • The loss fund has been developed to take into consideration maximum loss situations.  This is a very conservative approach.
  • The excess insurance coverage has been structured to assure that the fund will be protected against catastrophic losses.
  • A loss control program has been specifically designed to promote safety awareness and control frequency of loss.

It is very important to keep in mind that in a commercial insurance program any company that has frequent and severe losses essentially has an assessment the following year.  This assessment is in the form of higher insurance premiums.

By definition, a self-insured association is a sharing of risk.  Under your current commercial insurance program, you are now indirectly paying for the bad experience of other companies.  Our program addresses this situation by establishing guidelines to monitor those member companies developing a loss trend. Our loss control staff will focus on these members and assist them in more aggressive implementation of the loss control program.  If a member company does not put forth an effort in loss control which results in reduced frequency and severity, they will either be:

  • Debited at renewal for poor experience; or
  • Be advised of non-renewal in advance of their expiration date.

Yes.  Each member will receive loss reports detailing name of claimant, type of loss, accident date, and amount paid to date, and amount reserved.  Additional Ad-Hoc reports are available upon request.

Cowell Insurance Services (CIS) has been contracted to provide claim services for FMIT.  CIS is a well-established service company that administers numerous association and stand-alone programs.

Yes. This program has been specifically designed for your input.  It is the belief of FMIT that input from each member company’s safety director is essential for proper control of claims.

Yes.  Each participating member company will have a written loss control program designed for your operations.  It will be in a loose-leaf binder format so additions and deletions to the program can be easily accomplished.  FMIT will provide loss control visits to all members to insure on-going use of the Certified Safety Program.

The financial statements are reviewed only by the Missouri Department of Insurance and/or the service company.  This information will be held in strictest confidence. The Missouri Department of Insurance requires all members of a self-insured program to demonstrate their financial stability.  This is a strict requirement of the Self Insurance.

Yes.  The audits will be completed annually by an independent firm.  This is similar to what is done currently by your commercial carrier.  Only FMIT will review the audits to determine a final annual contribution charge for each member.