The board of directors of the World Floor Covering Association (WFCA) is pursuing the establishment of its own insurance company through a "captive" program by which the WFCA would control all underwriting and policy approval.
An independent board of directors would manage the insurance company with the assistance of Jerry Nisker, HRH North American Insurance Agency, the WFCA broker for the past 15 years. Policies would be issued by A-rated insurance companies only.
The WFCA's current goal is to begin writing policies for qualified member applicants by January 2004. Implementations of the new WFCA company is subject to both regulatory approval and other pending considerations. According to WFCA CEO Chris Davis, the program would begin initially as California's worker's compensation insurance, with the hopes of being 10 to 15 percent under the state fund. Details are still being worked out, he said.