|The Apartment Building Management Workers’ Compensation Self Insured Fund (ABMWCSIF) is a member owned workers’ compensation program endorsed by the Apartment Association of Michigan. The purpose is to keep members’ workers’ compensation costs low, reliable and predictable.
The potential for a significant return of profit to its members is reason enough for your company to join the Fund. And there is more! ABMWCSIF Members also receive:
- Fund members pay premiums into the Fund. Premium is calculated based on the payroll and loss experience of the member.
- The Fund invests the premium until it’s needed to pay claims.
- Approximately 25% of premiums goes toward operating expenses and the purchase of excess insurance.
- The remainder of collected premium is dedicated to member claims.
- Premium not used to pay Fund expenses or claims is returned to the members, along with any investment income earned.
How the fund works:
The ABMWCSIF Fund is owned by its members and is administered by the Apartment Association of Michigan. The Fund operates like an insurance company by offering employer protection and paying claims to employees injured on the job. What distinguishes the Fund from an insurance company is that it operates with reduced overhead, aggressively managing its claims through industry-specific loss control efforts. And, money that is not used to pay for claims plus investment income is returned to the Fund members over time.
As the Fund ages, members receive profit returns from a number of Fund years. Also, the ABMWCSIF Fund is protected from large losses by the purchase of excess loss insurance, further enhancing stability and profitability. Over the Fund’s history, members have received profit returns on average of 40% since 1981.
Participants in the Fund must be members of the Apartment Association of Michigan. Non-members may receive a proposal from the fund.