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Gov. Cuomo Announces $370 Million in Bonds to Resolve Workers Comp Claims

New York Governor Andrew Cuomo announces $370 million in bonds to resolve workers compensation claims.
ALBANY, N.Y. - New York Governor Andrew Cuomo announces $370 million in bonds to resolve workers compensation claims.

A press release says the bonding is made possible through Governor Cuomo's 2013 Business Relief Act, which authorizes the Workers' Compensation Board to use the proceeds to purchase insurance to the pay the claims of injured workers. Employers will then repay the cost of insurance.

“Through the 2013 Business Relief Act, the State is providing a practical and affordable way for thousands of businesses to meet their responsibilities so that injured workers can receive the compensation they deserve,” Governor Cuomo said. “Employees who are hurt on the job are rightfully entitled to their workers’ compensation benefits, and the bonds issued by the State will provide financial assistance for employers to meet those needs."

The bonding will help nearly 10,000 employers.
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