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| For Immediate Release |
Contact: Andy Deloney |
October 2, 2008
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517/377-3931 |
MI Restaurant Assn. Insurance Programs to Refund Over $3.4 million!
Workers’ Comp. Fund and Property and Casualty Program Return Highest Amounts Ever
LANSING – The Michigan Restaurant Association (MRA) announced that association members participating in the Michigan Restaurant and Lodging Fund (MRL Fund) will be receiving the largest return on profit the Fund has ever made. In addition, members participating in the association’s property and casualty insurance program will be seeing significant returns.
The MRL Fund, the association’s workers’ compensation fund, is returning more than $3.4 million of profit back to its members, making this the largest return in MRL Fund history. The return brings the total profits returned to over $24 million since the Fund’s inception in 1992. The property and casualty insurance program will be returning more than $63,000 back to members.
“This is great news for Michigan restaurateurs, especially during these uncertain times,” said Rob Gifford, president and chief executive officer of the MRA. “The numbers tell the story. Restaurateurs participating in the MRL Fund and in the property and casualty program are seeing greater and greater returns.”
The MRL Fund was established in 1992 to help businesses in the restaurant industry control their long-term workers’ compensation costs. The Fund’s profits, which include premium dollars that are not used to pay administrative costs and claims, are returned back to its members along with investment income. Over time, Fund members receive an average of 45-50 percent of their premium back, in the form of premium credits.
The MRA property and casualty insurance program offers broad customized coverage specifically designed for restaurants. As a member of the Michigan Restaurant Association, program participants are offered a bundle of property coverage not available outside the program.
“The mission of the Michigan Restaurant Association is the success of our members,” said Gifford. “The Michigan Restaurant and Lodging Fund and the Great Central Property and Casualty Insurance programs are two of the best tools available to help make our members’ success a reality.”
If you are not currently participating in the Michigan Restaurant and Lodging Fund or the Great Central Property and Casualty Insurance program and want more information, please contact Pam Sawatzki of the MRA at 800.968.9668.
The Michigan Restaurant Association (MRA) is the recognized leader of Michigan's hospitality industry, providing essential services to the foodservice community. Founded in 1921, the MRA represents more than 4,500 Michigan foodservice establishments. The industry plays an integral role in Michigan's economy, employing more than 423,000 people and creating more than $12.8 billion in annual sales. For more information please call 800-968-9668.
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