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
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
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
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
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