COVID-19 Impact Offset
DEALER'S RE-INSURABLE COVID PRODUCT
Offset existing COVID-19-related payroll expenses through your own reinsurance product. Select multiple employee reimbursement options with up to 12 weeks of of full pay.
If you have a CFC reinsurance position or US Domiciled Captive you can purchase a Covid reinsurable product to offset future employee required payroll expenses. This COVID-19 reinsurance product will help you mitigate future employee COVID-19 claims.
Example of how it works:
If you have 100 employees and reimburse an employee’s full salary up to 12 weeks when they are unable to work do to COVID-19 related issues, you would qualify for a 12 month term policy with a premium of $150,000*. That premium is paid by you and ceded into your reinsurance position. When an employee qualifies for a Coronavirus-related expense you pay their salary from your premium inside the reinsurance position. At the end of the 12 month policy term any remaining premium has fully earned and subject to the same benefits as other earned product premiums.
*Premiums are based on a number of factors that will be discussed during the questionnaire process. The above was an example. Premium amounts vary.
Signed under the Cares Act any employee who is quarantined due to COVID-19 related issues is entitled to receive compensation from their employer. This includes:
- is subject to a Federal, State, or local quarantine or isolation order related to COVID-19;
- has been advised by a health care provider to self-quarantine related to COVID-19;
- is experiencing COVID-19 symptoms and is seeking a medical diagnosis;
- is caring for an individual subject to an order described in (1) or self-quarantine as described in (2);
- is caring for a child whose school or place of care is closed (or child care provider is unavailable) for reasons related to COVID-19; or
- is experiencing any other substantially-similar condition specified by the Secretary of Health and Human Services, in consultation with the Secretaries of Labor and Treasury.
Administration fee is 10% of premium up to $35,000