Federated Insurance rewards North Carolina co-ops’ safety record
Because of the superior job safety record among its member electric cooperatives, the North Carolina Association of Electric Cooperatives (NCAEC) this year received $323,095 from its insurance carrier, Federated Rural Electric Insurance Exchange, to further assist in their overall loss prevention efforts. The loss control contribution includes an $80,774 bonus that the Federated board awarded this year to recognize North Carolina's cooperatives' for their efforts in helping to significantly reduce nationwide claims over the past six years.
NCAEC's job training and safety director Tommy C. Greer said the money will assist in maintaining the high standards of the loss control and safety programs that NCAEC offers to member cooperatives.
Federated Rural Electric Insurance Exchange is the leading provider of property and casualty insurance for rural electric cooperatives in 42 states. The insurance provider writes more insurance for North Carolina's cooperatives than for any other state.
At the NCAEC annual meeting held in Raleigh last April, Federated's president and CEO Phil Irwin said the importance that North Carolina's cooperatives place on safety makes the co-ops leaders nationally in reducing losses and claims. The number of claims the state's co-ops have filed has been cut in half during the past few years, he said. "That's because North Carolina is on the leading edge of accepting change and making meaningful differences in their safety programs."
Based in Lenexa, Kan., Federated is owned and directed by electric and telephone cooperatives and has served them exclusively since 1959. Insurance coverages include property, liability, workers compensation and others.
North Carolina's Job Safety & Training program provides extensive training for co-op line workers at NCAEC's facility operated in conjunction with Nash Community College, as well as a broad range of safety, training and inspection operations for all employees and equipment at facilities maintained by the cooperatives.