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.

Authorized by the Department of Labor as a group self-insurer, Signal is a Bermuda domiciled, non-profit mutual organization. Signal is dedicated to the service and support of its employer Members, who own the mutual and hold the right to vote on changes to the Association's Bye-Laws.

The Membership of the Association is drawn from a broad range of employers throughout the country in the stevedoring, ship repair, offshore, and other industries. Reported Longshore payroll of over $2.2 billion represents approximately 210 companies. The business of the Association, including Membership selection, underwriting, delivery of safety resources, claims management, regulatory compliance and financial management is performed by the Association's Managers, Charles Taylor Consulting (Hamilton) Ltd, Bermuda. The day to day responsibility for these operations has been delegated to Charles Taylor's offices in Dallas, Texas; Wilton, Connecticut; and Long Beach, California. continued...

Download the Introductory Guide