Masonry Magazine June 1967 Page. 8
Your MCAA Insurance Program
At Work For YOU
MCAA INSURANCE COMMITTEE
Charles Danna, Jr., Chairman
W. W. Bartlett
Jack Cook
Fred Daues
Walter T. Derk, Consultant
An interim Progress Report on MCAA's Insurance Programs.
Progress is right. MCAA members, their employees and dependents have shown great enthusiasm in enrolling substantial numbers of people under each of the current programs. Every anniversary has seen an increase in amounts of coverage selected and numbers of individuals protected.
One consequence of this continued growth has been improved purchasing power-now that our programs are producing sizable premium levels, we have been able to hold the line on costs at a time when benefit payments are on the increase. Some of our rates could not be duplicated anew.
Background of Program Selection
You may find it interesting to know something about the spadework which goes into the insurance planning and marketing prior to selection and eventual endorsement of a particular program by the National Executive Board months later.
The subject matter is usually apparent, since our basic needs are not all that different from any other groups; the questions soon narrow down to whether (1) the coverage is really necessary or desirable from a general membership standpoint, (2) the Association can perform a service in providing better protection at a cost not otherwise available to smaller firms or individuals and (3) it is practical to administer nationally. Unless these tests are readily passed, the idea never goes further, and several have died on the drawing board for failure in one key area or another.
Next, it goes into the insurance committee for study. An objective and comprehensive report is prepared by MCAA's insurance consultants for committee examination and comment. This includes a market study designed to pinpoint logical insurance company choices, their advantages and disadvantages. Obviously, this important step also weeds out any potential programs which may appeal to us but are not acceptable from the standpoint of the insurance carrier.
Once a program clears these hurdles, often incorporating changes and suggestions offered by the insurance committee, Executive Board and Executive Vice-President, it is marketed to secure direct commitments from the insurance carriers. This takes into account service facilities, coverage differences and cost factors besides the obvious need for unquestioned company reputation and stability.
The concrete proposals are then taken once more before the National Executive Board, which hears the pros and cons of the particular program, and, after asking some searching questions representing a wide point of view, will either approve or reject formal endorsement. It has to be pretty good to secure endorsement; you can have confidence in any MCAA Benefit Program.
Group Accident Coverage
This first insurance program is easily the most popular, since $1,000 Group Accidental Death & Dismemberment Coverage is provided free to each MCAA member-firm, for the benefit of a named owner, officer or key employee. A great many members have taken the opportunity to supplement the list at low group rates by adding other names and selecting optionally higher coverage limits.
Even if you choose to make this coverage available to other salaried employees and dependents at their
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MASONRY.
June, 1967