NYS Worker Comp Insurance Rating System

Ed WinslowCostsLeave a Comment

The 2008 NYS Worker Compensation reform brought about significant changes in the way carriers determine NYS Workers Comp rates. In 2008 NY State Workers Comp Board went to a loss cost rating system. A  loss cost rating system allows carriers to add a surcharge or LCM (loss cost multiplier) to the State recommended “Base Rate” for each class code. Therefore each carrier … Read More

NY Workers Comp New – Majestic Insurance Downgraded by A.M. Best

Ed WinslowUpdatesLeave a Comment

Majestic Capital, Ltd (MAJC) announced A.M. Best has downgraded the financial status of Majestic Insurance Company from B+(Good) to B (Fair).  This news comes on the heels that Bayside Capital has terminated its’ agreement to purchase Majestic Capital for 7.8 million. Sources at Majestic Insurance confirm that the carrier will pull out of  New York – New Jersey workers compensation markets.  Policy … Read More

New York Pay As You Go Workers Comp Insurance

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Pay as you go workers comp is the simple concept of paying your workers comp insurance via a payroll service. Traditional Work Comp Insurer’s bill your premium by estimating your annual payroll at the beginning of the policy period. At the end of the policy year they send in an independent auditor to reconcile the actual payroll. If you underestimated … Read More

New York State Workers Compensation Law

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NY State Workers’ Comp law allows corporations with 2 executive officers or less to exclude themselves from the Workmans Comp Policy. Many new businesses believe they are saving a lot of money by doing so. In reality, if they are coded properly, the executive officer cost is minimal. However, in  the case when an executive officer is also performing manual … Read More

New York Comp Rates Update – Commercial Contractors Take Notice

Ed WinslowUpdatesLeave a Comment

Don’t forget to file for the Construction Classification Premium Adjustments Program (NYCCPAP).  The program allows for additional premium discounts off your New York workers comp policy.  The program applies to commercial contractors with an average weekly wage over $15.50 per hour for eligible class codes (see below). 0042    5057    5193    5429    5491    5606    6003    6229    6325    9526 3365    5059    … Read More