The Empire State Restaurant & Tavern Association Safety Group 554 and the New York State Insurance Fund have announced a 40 percent dividend for the policy year September 30, 2020 to September 30, 2021. This marks the 28th consecutive year that Safety Group 554 has paid a dividend to its members. This 40% dividend represents $581,102 in premium dollars returned to members for the September 30, 2020 to September 30, 2021 policy term. With this payment, the 5-year dividend average is now 39 percent.
In addition, the maximum upfront policy discount available to Safety Group 554 members for the upcoming September 30, 2022 to September 30, 2023 period has been increased to 30 percent. The policy discount for each individual policy is determined by the policyholder’s overall 5-year loss experience.
The dividend checks should be on the way – you may have even received yours already. Checks will not be mailed to members currently in pending cancellation, those with estimated audits in the system, or those with seriously past-due premium accounts (in the case of a significant past due premium, the dividend will be credited to the respective account balance). If any estimated or incomplete audit is not satisfied prior to the September 30, 2022 renewal, the 2020-21 dividend will be forfeited.
The dividend the Group pays is based on the overall experience of all Group members versus the insurance premiums collected. We would like to thank all of the current Safety Group 554 members that continue to place their trust in us. Please contact email@example.com with any questions regarding this announcement.