Previdir has developed a new Executive group accident program, created with the ELIPS LIFE, dedicated only to Executives who belong to the Collective National Labor Contract for Commercial companies. This new product has been created to respond to the increase in the contributions to the Antonio Pastore Fund for the introduction of a new insurance product “Professional and extra-professional accidents” for the year 2022.

The Program is aimed at employers who, having to adhere to the solution proposed by the Antonio Pastore Fund, as of January 1, 2022, may require additional extensions and limits to completely fulfill the obligations established by the Executives Collective National Labor Contract for Commercial companies.

The Antonio Pastore Fund has indicated that the n.3175 Collective insurance program indicates insured limits of (5 times gross annual salary in the case of Death with a maximum of € 750,000 and 6 times gross annual salary in the case of Permanent Disability with a maximum of € 900,000) may not be adequate for the fulfillment of the obligations envisaged by the National Labor Contract, with the consequence of leaving the employers with the task of providing supplementary insurance coverage, for those cases in which the total gross annual salary of the executive are in excess of € 150,000.00.

The Previdir Executive Group Accident Program is divided into 3 different solutions that can be implemented for different needs:

Previdir offers commercial companies an autonomous coverage, in full compliance with the provisions of Article 18 of the National Labor Contract , in addition to the obligation made available, , by the Antonio Pastore Fund.

In this case, the insurance premium rate of the Previdir program will remain unchanged if the Insured Company is already registered in PREVIDIR.

The management of the PREVIDIR claim will remain  completely independent from the management of the same claim to be serviced by the Antonio Pastore Fund policy.

The PREVIDIR coverage will therefore operate from the “first dollar” and the Insurer will refrain from contesting any accumulation of  amounts insured between the Previdir policy  and those limits indicated in the Antonio Pastore Fund policy.

Under the PREVIDIR program the recognition of the degree of  disability cannot be lower than that recognized by the Antonio Pastore Fund policy.

In the event that Previdir closes out the claim for payment  before the  Antonio Pastore Fund policy, and the latter recognizes a higher degree of disability to the insured than that recognized and liquidated by Previdir, the insurers of the PREVIDIR program shall integrate any amounts previously paid, and integrate the  loss payment up to the level of that recognized by the Antonio Pastore Fund. This shall apply when the Antonio Pastore Fund policy  the settles the claim within 90 days following the date in which Previdir’s closes the claim file.

Regarding those cases for Permanent Disability, where amounts insured exceed 6 times total gross annual payroll, a relative deductible of 10% will be applied. The maximum amount insured limit of € 2,500,000.00 per insured shall remain in force.

Previdir also provides companies with a supplementary coverage that will operate in addition to the limits of the accident coverage offered by the Antonio Pastore Fund, to integrate any differences in amounts insured and / or extensions of coverage not covered by the latter.

Also in this case, the management of the  Previdir claims files will be completely independent from the management of the claim file serviced by the Antonio Pastore Fund.

The Previdir coverage will therefore in excess of the amount insured over the Antonio Pastore Fund policy and pay from  the “first dollar” for any claims cauesd by extensions of coverage  not provided for in the Antonio Pastore Fund policy.

Under the PREVIDIR program, the recognition of the degree of  disability cannot be lower than the degree of  disability that will be recognized by the Antonio Pastore Fund policy. Therefore, the liquidation of Previdir  claims file  will take place only after the liquidation by the Antonio Pastore Fund policy if and when the  settlement of the claim by the  Antonio Pastore Fund occurs within 90 days of the definition of the same claim  by the Previdir Fund policy.

If the claim is payable 100 % by the coverage offered under the Antonio Pastore Fund policy, the Previdir Fund policy will pay an additional amount  equal to 30% of the amount paid by the Antonio Pastore Fund policy.

With this option, Previdir offers the Company the possibility of purchasing supplementary and complementary coverage for its Executives, in addition to that made available, by mandate, by the Antonio Pastore Fund. This solution is  aimed at bridging any differences in  coverage and / or amounts insured  that may not be covered under the Antonio Pastore program, and to also increase  amounts insured of the salary  multiples with respect to those provided for by the NationL Labor Contract for Commercial Companies.

The claims handling offered by Previdir will be completely independent from the management of the same claim serviced  by the Antonio Pastore Fund policy.

The coverage offered by Previdir will operate for both for the excess amount insured over that insured under the Antonio Pastore program policy and from the “first dollar” for any additional coverages  not provided for by the Antonio Pastore Fund policy.

Under the PREVIDIR program, the recognition of the degree of  disability will not be lower than the degree of disability that will be recognized by the Antonio Pastore Fund policy. In the event that Previdir shall liquidate this claim file before the liquidation by the Antonio Pastore Fund  policy and  the latter recognizes an increased  degree of permanent disability, of a higher degree than that recognized and liquidated by Previdir, the PREVIDIR  insurers shall integrate the loss payment for any  differences, provided that the settlement of the claim by the Antonio Pastore Fund policy occurs within 90 days of the definition of the same claims file by Previdir.

Under the Previdir program, in the case of permanent disability, for  amounts insured which exceed  6 times the gross annual, a relative deductible of 10% will be applied. The maximum limit coverage of € 2,500,000.00 per insured remains unaltered.

Previdir, in order to provide customized quotes, requires the following underwriting information regarding your  company:

  • Total gross annual payroll amount
  • Number of insureds (Executive headcount)
  • Executives Gross  Annual payroll and the headcount of Executives who have a gross annual payroll in excess of that indicated by the Antonio Pastore Fund (This policy which limits the maximum payroll per insured to  € 150,000.00)

For more information, please contact:

  • David Lee Rodriguez – +39.342.7542368
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