Marine Disability
We are able to draft long-term disability contracts between a company and the company’s employees, insulating businesses against liability to a large extent and ensures workers would be covered in the event of calamity.
The Jones Act applies to those who spend at least 30 percent of their working hours on a boat and thus qualify as seamen. For a seaman who gets hurt while working, they are subject to maintenance and cure payments from their employer. That payment will cover less than a fraction of the employees’ previous take-home pay. Alford and Associates establishes contracts for long-term disability in order for the employee to reach 60 percent of their original salary tax free.
For example, if a worker on disability would have made $1 million at his or her current wages until retirement, a disability company would have to put $600,000 into an account to pay out. If an employee were to sue, this $600,000 would be reduced and possibly depleted based on the amount awarded to the employee. The employer would have to pay out-of-pocket for any money that exceeded what was in the disability reserve fund. Also, the money within the reserve fund would not cover attorney’s fees, if the offset language was properly used. The money that was going to be paid out by the insurance company, regardless of a lawsuit, would now be used to mitigate the losses resulting from a lawsuit.
Long-term disability coupled with the offset contracts helps insulate employer liability against the first layer of suits, in addition to providing coverage to employees if they were hurt on the job.
