United States Longshore And Harbor Workers' Compensation Act Of 1927- LHWCA

Definition of 'United States Longshore And Harbor Workers' Compensation Act Of 1927- LHWCA'


A program administered by a division of the United States Department of Labor that offers financial compensation and medical care to certain maritime workers who are disabled from injuries that occur on U.S. navigable waters and adjoining areas for loading, unloading, repairing or building a vessel. The United States Longshore and Harbor Workers' Compensation Act first enacted in 1927, provides workers' compensation benefits to maritime workers such as dock workers, Outer Continental Shelf workers, and United States contractors who are working on foreign soil, such as U.S. civilian contractors in Iraq and Afghanistan. The Act also provides benefits to dependents in the event the injury causes the employee's death. Also called the Longshore Act or LHWCA.

Investopedia explains 'United States Longshore And Harbor Workers' Compensation Act Of 1927- LHWCA'


The Longshore and Harbor Workers' Compensation Act is administered by the Office of Workers' Compensation Programs (OWCP), Employment Standards Administration, U.S. Department of Labor. A maritime worker who is covered by the Longshore and Harbor Workers' Compensation Act is generally entitled to compensation benefits equal to two-thirds of his or her average weekly wage while receiving medical treatment. In addition, the worker may receive a scheduled award for injury to body parts, or two thirds of the worker's lost earning capacity.



comments powered by Disqus
Hot Definitions
  1. Maintenance Margin

    The minimum amount of equity that must be maintained in a margin account. In the context of the NYSE and FINRA, after an investor has bought securities on margin, the minimum required level of margin is 25% of the total market value of the securities in the margin account.
  2. Leased Bank Guarantee

    A bank guarantee that is leased to a third party for a specific fee. The issuing bank will conduct due diligence on the creditworthiness of the customer looking to secure a bank guarantee, then lease a guarantee to that customer for a set amount of money and over a set period of time, typically less than two years.
  3. Degree Of Financial Leverage - DFL

    A ratio that measures the sensitivity of a company’s earnings per share (EPS) to fluctuations in its operating income, as a result of changes in its capital structure. Degree of Financial Leverage (DFL) measures the percentage change in EPS for a unit change in earnings before interest and taxes (EBIT).
  4. Jeff Bezos

    Self-made billionaire Jeff Bezos is famous for founding online retail giant Amazon.com.
  5. Re-fracking

    Re-fracking is the practice of returning to older wells that had been fracked in the recent past to capitalize on newer, more effective extraction technology. Re-fracking can be effective on especially tight oil deposits – where the shale products low yields – to extend their productivity.
  6. TIMP (acronym)

    'TIMP' is an acronym that stands for 'Turkey, Indonesia, Mexico and Philippines.' Similar to BRIC (Brazil, Russia, India and China), the acronym was coined by and investor/economist to group fast-growing emerging market economies in similar states of economic development.
Trading Center