Insurance Definition Voluntary Compensation Endorsement
When reading this endorsement think of the term voluntary as meaning not required or mandated.
Insurance definition voluntary compensation endorsement. It extends coverage that is like workers compensation to employees that are not required to be covered by a particular state s workers compensation laws and provisions. Voluntary compensation insurance provides workers compensation benefits to workers who are injured on the job but aren t covered by state workers compensation laws. Read on to discover the definition meaning of the term voluntary compensation maritime coverage endorsement to help you better understand the language used in insurance policies. 8 91 voluntary compensation and employers liability coverage endorsement this endorsement adds voluntary compensation insurance to the policy.
Definition of voluntary compensation endorsement wyndie butler real estate agent coldwell banker residential real estate pensacola addition to a workers compensation insurance policy to cover payments to injured employees who are not covered by a state s workers compensation law. Voluntary compensation and employers liability coverage endorsement wc 00 03 11 a. Let s take a minute to learn what this endorsement does and why it s used. But hold on it may under circumstances be used to provide benefits to volunteers.
Voluntary compensation maritime coverage endorsement allows an employer with maritime workers compensation exposure to offer benefits of the state designated in the endorsement to an injured employee or survivors of a deceased employee. This can include casual workers executive officers sole proprietors partners etc. It protects employers from lawsuits by injured workers. Voluntary compensation maritime coverage endorsement.
How this insurance applies this insurance applies to bodily injury by accident or bodily injury by disease. A voluntary compensation endorsement is a type of workers compensation that companies purchase on a voluntary basis for workers that are not required to have workers compensation benefits by law. Voluntary compensation endorsement enables an employer to extend the benefits provided by the workers compensation act to employees who may not be entitled to benefits under the terms of the act such as executive officers partners sole proprietors farm workers domestic employees or employees traveling overseas. Used in conjunction with the maritime liability endorsement which extends employers liability cover.
It is an optional coverage that can be added to a standard workers compensation policy. Workers compensation and employers liability insurance policy wc 00 03 11 a ed. Definition of voluntary compensation voluntary compensation is an endorsement to a standard workers compensation insurance policy that an employer has.
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