NY Workers Compensation Maximum Weekly Benefit Set To Rise

Ed WinslowUpdates

Maximum NYS Workers Comp weekly benefits surge to $772.96

New York State Rating Board has announced that based on the New York State Department of Labor’s Research and Statistics Division’s findings that for the calendar year 2010 the average NYS weekly wage was $1,159.44.  Workers Compensation Law states that after July 1st 2010 workers compensation benefits will be based on two-thirds of the NYS average weekly wage.

Therefore, the new maximum weekly benefit will increase to $772.96.  This will inevitably force the carriers to increase reserves on outstanding indemnity claims.  An increase in weekly maximum weekly benefits usually results in carriers placing pressure on the NYCIRB to rise NY Workman’s Comp rates.

Enforce Coverage Group, LLC specialists in New York State Workers Compensation call or click for a quotation 212-947-4298 today.