Equiflash Archive

As members have known for some time, Equity's insurance plan has been running at a deficit. We were advised by Chubb over a year ago that premiums were going to increase. Due to the pandemic we kept this increase at bay for as long as possible. Ongoing discussions with our insurance provider Chubb have made it clear that while they are a major player in commercial and personal property and casualty insurance, they have very little history with carrying health insurance plans, especially one as custom built as Equity's.

Recently, Chubb advised Equity that they intend to terminate our members' insurance plan at the end of this year. We understand that the bespoke nature of our plan makes it too labour intensive for them, at any price.

Executive Director Arden R. Ryshpan and Director of Finance Marion (Maz) Magoris, with the assistance of our plan broker, were quick to start the process of negotiating with other companies to maintain coverage. As we already anticipated, it should be expected that premiums will have to change. Most likely Equity will have no choice but to switch to a plan where the premium will be a percentage of weekly earnings, rather than a fixed dollar amount premium as it is currently .

It is Equity's intention to have a new plan in place for January 1, 2022 and for members to experience no gap in coverage. We will have news to share when negotiations are complete.

Questions about the plan or the ongoing negotiations may be submitted to communications@caea.com for answer.

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