PETRO Trust
Program Overview
Statutory Work Comp coverage is provided on a first dollar basis. The group shares in small claims then purchases an Excess insurance policy to protect against catastrophic losses. An Experience Mod is maintained for each member individually. The Members control all of the service providers to ensure the highest quality at lowest costs. The premiums also earn investment income, which is returned to member companies (versus the insurance carrier) and represents significant dollars.
While it can accommodate drivers that live outside of PA, PETRO is designed for PA based trucking companies that generate an annual Work Comp premium of at least $100,000. Good Safety programs and the availability of light duty positions for injured workers are required. Membership is based on loss experience, a survey conducted by our safety specialist and approval by the group.
The PETRO Trust offers members far greater input and control over claims than standard insurance carriers. A dedicated claim adjuster handles all claims for PETRO members and that person works exclusively for PETRO. Because the TPA has limited authority, no claim is settled without the approval of the employer/member. Large claims are discussed by the group with settlement offers decided by vote. Loss runs and claim information are available to members on-line.
The PETRO Trust holds meetings each quarter, generally in the Harrisburg area. These meetings afford an opportunity for members to share ideas on safety, operations, driver issues, etc. As Administrator, we provide reports on loss ratios, profitability, investments and dividends. The decision making authority, however, rests with the member trucking companies.