What is Mutual Insurance?

Often referred to as clubs or mutuals, mutual insurance companies or associations are non-profit-making organizations whose members pool risks of a similar nature to achieve long-term and stable insurance protection at cost. This form of insurance goes back over one hundred years.

Mutuals protect groups as diverse as the nuclear industry, shipowners, universities, the oil industry, along with professional bodies such as accountants, doctors and solicitors, and various groups of employers in respect of their workmen's compensation or employers' liability exposures. The list is almost endless - the common factor is the fact that those involved wish to control their own insurance affairs and to obtain the maximum protection for the minimum cost.

Signal Mutual Indemnity Association is such a mutual. continued ...

From the Introductory Guide

Established in January 1986 to meet the demands of the stevedoring industry for reasonable and stable workers' compensation insurance rates, Signal Mutual Indemnity Association is now the largest provider of Longshore benefits in the country.

Authorized by the Department of Labor as a group self-insurer, Signal is a Bermuda domiciled, non-profit mutual organization, dedicated to the service and support of its employer Members.

The Membership of the Association is drawn from a broad range of employers throughout the country in the stevedoring, ship repair and offshore industries with reported Longshore payrolls in excess of $1 billion representing over 200 companies. The business of the Association, including Membership selection, underwriting, safety resources, claims management, regulatory requirements and financial management is performed by the Association's Managers, Charles Taylor Consulting (Hamilton), Bermuda. The day to day responsibility for these operations has been delegated to Charles Taylor Consulting's offices in Dallas, Texas, Wilton, Connecticut and Long Beach, California. continued...

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