Lovell Safety Management Declares Consistent Year–End Cash Dividends for Safety Groups 135, 162 and 411

December ’02…Lovell Safety Management Co., LLC, one of New York State’s leading Safety Group Managers, recently announced that the company has closed its accounting with The State Insurance Fund for its Safety Groups operating within a 1/1/01–02 policy year. Lovell is pleased to declare year–end cash dividends of 25 percent or more for Safety Groups 135, 162 and 411.

Lovell Safety President Stephen Lovell remarked, in announcing the closing of Accounting for the 1/1/01–02 policy year, “We are particularly proud of the fact that these groups renewed with no reduction in insurance coverage and no dramatic increases in pricing.”

As a direct result of Lovell Safety’s consistent, conservative management, Safety Group #135, Master Painters & Decorators, earned a 35 percent year-end cash dividend, a 25 percent advance discount for 1/1/02, a premium payment plan of 12 equal payments, and the deferral of the 16.5 percent assessment as of 1/1/03. Members of Safety Group #162, New York Paper Products Manufacturers, received a 25 percent cash dividend, and were accorded a 25 percent advance discount for 1/1/03, 12 equal payments of the premium, and the deferral of the 16.5 percent assessment as of 1/1/03. The benefits experienced by members of Lovell’s Safety Group #411, Roofers & Sheet Metal Employers of Greater New York, included a 30 percent dividend, 25 percent advance discount, 12-payment premium plan, and 16.5 percent assessment deferral.

Safety Groups are nonprofit insurance groups that exist for the benefit of their members. Each of the three Groups mentioned above was established more than 50 years ago and has been paying level dividends and providing members with predictable costs throughout their history. The success of Lovell’s Safety Groups is a result of the unique partnership among Lovell’s managerial oversight, the insurance company and the Group members. Of particular importance in today’s economic climate is the fact that, when managed conservatively, Groups can provide relatively level pricing despite any upheaval and/or catastrophic events in the wider insurance market.

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