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Independent Schools Compensation Corporation (ISCC) was organized on April 1, 1992 as a workers compensation self insurance group under Massachusetts General Law, Chapter 152. ISCC was created to make a self insured workers' compensation program available for private schools, colleges and cultural institutions in Massachusetts, providing an alternative to the traditional workers compensation markets. Its purpose is to meet and fulfill employers' obligations and liabilities under applicable Massachusetts Workers Compensation Statutes through the effective use of cost efficient claims service, loss control and safety programs. ISCC is governed by its Board of Directors. Claim and safety services, as well as day to day operations, are administered by the group's program manager, FutureComp.
ISCC works through the independent agency community in Massachusetts in identifying prospective new members. Hub International is the exclusive agent for those potential members falling under the Class A membership criteria. ISCC will accept submissions for underwriting consideration from any agent relating to a Class B prospective member.
ISCC Founding Members
ISCC was among the first self-insured groups approved in Massachusetts in a time when workers’ compensation was reaching crisis conditions in the state. The founding members who helped to drive the formation of ISCC were school business managers (at that time) Cornelius N. “Nick” Bakker, Jr., (Thayer Academy), Andrew Leighton (Buckingham Browne & Nichols School), Ted Wade (Milton Academy), Morgan K. Smith, Jr. (Noble and Greenough School), Edward Gotgart (St. Mark’s School), and Peter McCone (Dana Hall School).
From 1992 through 2016, ISCC members have generated more than $146 million in premiums, on which $54.5 million in dividends has been earned by members, an average dividend of 37% over that 25 year period. Of this dividend pool, more than $44 million has been distributed back to members as of December 31, 2016. And these dividends are over and above the up-front premium deviations and discounts that ISCC members enjoy. Superior services aimed at keeping members' employees and working environment safe, a team approach in handling claims, and significant cost savings - since program inception, ISCC has been fulfilling its mission to its membership.
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