Since 2015, BITCO Insurance Companies and the Georgia Utility Contractors Association have partnered together to offer eligible members access to a Safety Group Dividend Plan. The program currently has 20 participants and has returned a total of more than $1,000,000.
Why does GUCA choose to partner with BITCO? Michael Corbett, GUCA President, says, "Our long-term commitment and partnership with BITCO has served our industry in many areas, including their continuous meeting and event sponsorship. For this, we are eternally grateful. More importantly, as a by-product of the relationship, we are able to offer the BITCO Affinity Program to our members who take advantage of the BITCO Safety Group Dividend Plan. We invite you as members to avail yourselves of all the opportunities that membership affords. This partnership with BITCO has certainly been rewarding, and we are proud to be in the company of BITCO."
A safety group is a group of insureds with similar characteristics pooled together to generate premium dividends that help the members realize a reduction in the net costs of their insurance program. Group premiums and losses are pooled together to determine the program's profitability. Members participate in that profitability by sharing in any dividends generated. Individual dividends are paid based on how much premium individual members contribute over a set time frame. A member's continued attention to worker safety, hiring practices, and occupational training plays a big part in earning future dividends.
An insured's participation in a safety group dividend plan affords them the following benefits:
With a Home Office based in Davenport, Iowa, and a full-service branch located in Atlanta, BITCO provides its customers with a full range of insurance, risk control, and claims services at a local level. Our specialized underwriting expertise puts us in a position to understand the needs of the construction industry, and we are active members in several construction trade associations.
BITCO is part of Old Republic International Corporation (NYSE:ORI), one of the nation’s 50 largest shareholder-owned insurance businesses and a member of the Fortune 500 listing of America’s largest companies.
If you are a member of GUCA and would like to learn more about the safety dividend program or how to get an agency referral, contact a BITCO agent. Our independent agents represent BITCO and are located throughout the Southeast. We are here for you!
Dividends cannot be legally guaranteed and are subject to approval by the BITCO Board of Directors. Historically, BITCO has never failed to declare/pay a dividend in accordance with approved dividend plans. Insurance contracts are underwritten and issued by one or more the following: BITCO General Insurance Corporation and BITCO National Insurance Company, an A+ (Excellent) rated company by A.M. Best, A2 Stable by Moody’s, and A+ Stable by Standard and Poor’s.
