ITAC Insurance Program Report November, Steve Baker Group Insurance SoluAons

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1 ITAC Insurance Program Report November, 2013 Steve Baker Group Insurance SoluAons

2 Agenda Program Update Total Insured Values and Premiums Implementa5on of the PSIP Pool % Breakdown Cash Flow Exhibit Possible Exposure to Underinsured Loss Ques5ons

3 About Group Insurance SoluAons Canada s largest na5onal provider of associa5on programs; total premiums under administra5on currently $150,000,000 Specialize in providing associa5on members and member firms with both commercial and employee group benefit programs Successfully in business since 1978; 170 employees, offices in Winnipeg, MB & Laval, QC Division of Western Financial Group; owned by Desjardins In house services suppor5ng commercial and employee benefits business

4 Inland Terminal AssociaAon of Canada Program Update Current ITAC PSIP members include: CMI CMI AG LTD. Gardiner Dam GDT AgServices LTD. Great Sandhills Lethbridge North West Providence South West Weyburn

5 Inland Terminal AssociaAon of Canada Program Update Property Grain terminals Crop inputs Rail cars & track Crime Liability Extended to include all grain terminal opera5ons, crop inputs Equipment Breakdown Produc5on Machinery

6 The SoluAon: Protected Self- Insurance A por5on of premiums normally paid to insurers is retained in a Protected Self- Insurance (PSI) fund held by Western Financial Insurance Company (WFIC). Each year, premiums are separated into four categories: PSI fund assessment premium to excess insurer for excess loss protec5on WFIC fee for premium tax fee to broker/administrator The PSI fund through WFIC pays a deﬁned por5on of claims. The excess insurer provides protec5on of the program by: paying excess of a pre- determined amount per claim, and/or Paying excess of the annual amount of the WFIC- held fund.

7 Inland Terminal AssociaAon of Canada PSIP Pool Breakdown 33% to ITAC PSI fund 50% as excess insurer net premium (Wynward Insurance Group) 15% as brokerage/program management fee 2% to WFIC for expenses of administering the PSI funds, and for premium tax PSI fund will pay a maximum of $250,000 any one claim Excess insurer pays excess of set amount ($250,000) any one claim, pays excess of PSI fund amount each year; new fund is established each policy year

8 Beneﬁts of PSI Structure Ownership of capital members own that por5on of PSI fund not required for payment of claims. PSI fund can never be in a deﬁcit posi5on. Stabiliza5on of insurance costs required percentage increases in hard insurance markets is applicable only to the excess insurer por5on. Greater mo5va5on by insured members to control losses because PSI fund is owned by members. Members sense of ownership of a par5ally self- insured program, plus the poten5al of annual returns of premium, results in very low turnover

9 Beneﬁts of Specialized Service GIS does not u5lize a sub- broker sales system; in- house representa5ves provide a clear and consistent service message. Group Insurance Solu5ons controls claims on Par5cipants behalf; dedicated control adjusters and lawyers appointed. Various coverage enhancements specialized policy coverage reviews Implementa5on of physical risk management program Inspec5ons handled by Wynward Insurance Group Loss Preven5on Follow- up communica5on by GIS staﬀ

10 Inland Terminal AssociaAon of Canada PSIP Pool Exhibit as of October 31, 2013 Based on 10 par5cipa5ng members: total program premium is $1,078,143 ITAC PSIP Fund 33% $355,787 Excess Insurer net premium (Wynward Insurance 50% Group) $539,072 GIS Program brokerage/management fee 15% $161,721 2% $ 21,563 WFIC expenses for PSI Fund Total Cash Flow $1,078,143

11 Inland Terminal AssociaAon of Canada Loss Pool Claims Update as of Oct. 31, 2013 Total Funded Loss Pool April 26, Bin Collapse May 1, Fire Dec 14, 2012 Collision June 29, 2013 Misapplication July 2, 2013 Wind Total Claims & Reserves Further Pool Capacity (including after tax interest) $681,505 $23,891 $40,602 $8,413 $115,000 $20,000 $ 207,906 $478,688

12 Inland Terminal AssociaAon of Canada Exposures to Possible Under Insured Loss Monthly Stock Repor5ng Annual Proﬁts Business Interrup5on Worksheets

13 QuesAons

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