At its annual general meeting, the board of directors of the International Towing and Recovery Hall of Fame and Museum (ITRHFM), announced an increase in the death benefit available to families when industry tragedy occurs. In recent months the Survivor Fund has enjoyed generous giving from many of its partners around the industry. Having applied its financial stewardship formula, the board reset the death benefit paid to each approved application from $5,000 per incident to $7,000 per incident. If the deceased was employed by a company who was a member in good standing of the museum at the time of the incident, or if the deceased was a member in good standing, the benefit increases to $9,500, up from $7,500.
“We are blessed with a healthy financial position provided by the generosity of our industry,” said Jeffrey Godwin, Survivor Fund Committee Co-Chairman. “With an eye toward long term support of the industry, we implemented a formula a few years ago to drive our giving. The result is one where the support of the Survivor Fund by our industry has allowed us to make a significant increase to the amount we are able to provide families going forward.”
The Survivor Fund is supported by individual operators, towing and road service companies of all sizes, motor clubs, industry suppliers and many more. The pledge program for the Survivor Fund works to replenish funds paid out at the time of industry tragedies and provides stability allowing increases to the benefit by gaining support from contributions as simple as those where individuals and companies pledge as little as $5 per death.
“It is our hope that all companies across our industry will become members of the museum to preserve our history and to provide this meaningful protection for the families of their employees,” said Lee Roberts, Survivor Fund Committee Co-Chairman.
The Survivor Fund, founded in 2006 and managed by the International Towing and Recovery Hall of Fame and Museum, was started to offer financial support to the families that have lost a loved one in the line of service within industry. Since 2006, the Survivor Fund has approved and paid out hundreds of claims to support families in their time of need due to tragic accidents. The ITRHFM is working to build a perpetual fund while also supporting families as the fund is built. Increases in benefits to families are made based on the fundraising of the Survivor Fund and the increased security of the Fund based on its investment health.