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The Gray Insurance Company offers a Self Insured Retention (SIR)/Deductible program of insurance, providing primary coverages for Workers’ Compensation, Maritime Employers’ Liability, Business Automobile Liability, Commercial General Liability, and Excess Liability.

All primary policies are issued with a per-occurrence SIR/Deductible of either $15,000, $25,000, $50,000, $75,000 or $100,000. Higher retentions/deductibles are available for renewal business and are subject to underwriting discretion. Regardless of the policies triggered as a result of an occurrence, the retention/deductible only applies once.

Policies and Limits

Workers’ Compensation (including State and USL&H) Statutory
Maritime Employers’ Liability $1,000,000/ $1,000,000/ $1,000,000
Commercial General Liability $1,000,000 Occurrence
Business Automobile Liability $1,000,000 Combined Single Limit
Excess Liability (Excess of Auto, General Liability, Maritime Employers’ Liability) Up to $4,000,000

The primary policies are three-year policies in most states and are reviewed on an annual basis. The excess policy is a one-year policy.

The Gray plan offers our insured partners the opportunity for considerable savings and a more active, participatory role than that of standard markets. An integral component of our loss-sensitive plan is the establishment of a loss fund. The loss fund serves many purposes in the program including: establishing the aggregate limit of liability for payment of claims within the policyholder retention and encouraging, supporting, and promoting a safety culture that prevents loss and benefits from reduced premiums.

If an insured partner experiences favorable loss history, they have the opportunity to save the entire amount of funds deposited in the loss fund. We provide stop-loss coverage to protect our insureds if they experience unusually high frequency and spend all money deposited in the loss fund during any policy period.

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