WHAT IS A SAFETY GROUP DIVIDEND PLAN?
A Safety Group Dividend Plan is a program offered by PLM in partnership with specific trade associations and buying groups. PLM customers who are members of one of these associations can enroll in the association’s dividend plan. Premium and losses for each participant will be combined to calculate a final loss ratio at the end of a plan year. If the group has a collective good loss ratio (under 50%), a dividend may be paid of up to 10% of eligible policy premiums earned to each individual member. Enrolling in a dividend plan does not affect or change your PLM policy. This is only an added benefit program for customers to encourage loss prevention and risk management.
WHO IS ELIGIBLE TO ENROLL IN THE SAFETY GROUP DIVIDEND PLAN?
To be eligible for a Safety Group Dividend Plan, you must be a primary member* of one of the associations or buying groups listed below and a PLM customer. You must elect to join the Safety Group Dividend Plan by signing a dividend election form and cannot participate in any other Safety Group Dividend Plan underwritten by PLM.
*This does not include supplier or secondary members of the associations.
HOW DOES THE DIVIDEND PORTION OF THE PLAN WORK?
All lines of insurance coverage (except umbrella) are eligible for the dividend plan. If the group collectively has a good loss history, there is a possibility of a dividend payment of up to 10% of your eligible policy premiums earned during the plan year. If the group has a poor loss history, there is NO penalty or surcharge. It is a win-win situation. Any dividends earned will be announced four months after the end of the plan year and checks will be mailed directly to the participant.
|LOSS RATIO||POTENTIAL DIVIDEND PAYABLE|
|0.00% to 10.00%||10%|
|10.01% to 20.00%||7.5%|
|20.01% to 30.00%||5%|
|30.01% to 40.00%||3.5%|
|40.01% to 50.00%||2%|
|50.01% and Over||0%|
*Note: By law, dividends are discretionary and are not guaranteed. They are subject to the prior approval of the PLM Board of Directors.
ALLIED BUILDING STORES, INC (ABS)
ABS is a buying co-op that passes all vendor terms, discounts and rebates to its dealer members. ABS generates the purchasing power of over 250 locations throughout 12 Southern and Plain states: Alabama, Arkansas, Florida, Georgia, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Oklahoma, Tennessee and Texas. Visit Allied Building Stores for more information.
LBM Advantage was created in 2016 with the historic merger of long-time, dealer-owned buying groups ENAP and PAL, and IBSA was added in 2017. They are a member-owned forest products and building materials cooperative. With independent dealers located in 41 states and continually growing, LBM Advantage’s purchasing volume ensures its dealers have sustained supply and a competitive advantage in their market. Visit LBM Advantage for more information.
LUMBERMENS MERCHANDISING CORPORATION (LMC)
LMC is a leading Forest Products & Building Materials Buying Group owned by independent lumber and building material dealers across the country. LMC has over 370 members with more than 1,300 locations in all 50 states and the Bahamas. LMC provides its members a source for saving money on product purchases, for marketing and accounting assistance, and for up-to-date industry information. Visit LMC for more information.
NEMEON is a purchasing cooperative comprised of over 150 independent roofing and siding distributors with over 500 locations nationwide. NEMEON members create strong, mutually beneficial and sustainable partnerships with the industries’ premier suppliers. These suppliers extend to the NEMEON members quality products, fair pricing, superior service, and a first-rate reputation. Visit NEMEON for more information.
NORTH AMERICAN WHOLESALE LUMBER ASSOCIATION (NAWLA)
NAWLA is an international trade association for forest and building products industry wholesalers and manufacturers. NAWLA serves the lumber industry by creating opportunities for powerful relationship building and idea exchanges among peers, customers and prospects. Visit NAWLA for more information.