Safety National Introduces Oklahoma Elect Excess Workers’ Compensation Indemnity Policy
Safety National introduced Oklahoma Elect today to meet the needs of Oklahoma employers who choose to participate in the state’s new Oklahoma Option. Oklahoma Elect is an employers’ excess indemnity policy that provides excess coverage over an occupational injury benefit plan as well as excess employers’ liability coverage to Oklahoma qualified employers who choose this alternative to traditional excess workers’ compensation coverage.
Safety National created Oklahoma Elect in response to Oklahoma’s passing of SB 1062 into law on May 6, 2013, allowing employers the choice to manage employee injuries under an on-the-job injury benefit plan platform in lieu of the state’s workers’ compensation system effective February 1, 2014.
“We are very pleased to be one of the first carriers to offer this product to employers in Oklahoma who desire an option,” said Tom Hebson, Vice President of Product Development and Government Relations. “As a leading provider of alternative risk funding products, Safety National strives to identify and address the emerging needs of our clients and we believe that Oklahoma Elect does just that.”
Oklahoma Elect was filed and approved by the Oklahoma Insurance Department on March 26, 2014, and Safety National is accepting applications immediately. Full details about Oklahoma Elect can be found on Safety National’s Oklahoma Elect web page.