Parent Guaranty Agreement In Connection With Self-Insurance Privilege {IC90}

IC90 - PARENT GUARANTY AGREEMENT IN CONNECTION WITH SELF-INSURANCE PRIVILEGE. This form is used by the Illinois Workers’ Compensation Commission to ensure that a parent company (the “Guarantor”) accepts financial responsibility for the workers' compensation obligations of its subsidiary companies (the “Employers”) that are approved as private self-insurers under Illinois law. By signing this agreement, the Guarantor promises to pay all compensation, medical, administrative, and defense costs arising from any workplace injuries or exposures suffered by employees of the self-insured subsidiaries, regardless of when the injuries occur or whether the employer becomes insolvent. This continuing guaranty ensures that injured workers receive benefits even if the self-insured employer defaults. The Guarantor also waives many common legal defenses and agrees to make payments without requiring legal judgments against the employer or notifications of changes in the law. The agreement outlines the Guarantor’s obligations, representations, termination procedures, and legal jurisdiction. It must be signed by authorized corporate officers and may include corporate certificates verifying the authority and structure of the Guarantor. www.FormsWorkflow.com