Demolition company knocks
down $36,000 on its annual premium
Insured
The insured is a demolition company specializing in interior non-structural
demolition. It employs 100 workers.
Situation
The company, which performed work in three states—Maryland, Virginia
and the District of Columbia—was given a premium that appeared to
the client to be higher than usual.
Assessment
Certified WorkComp Advisors (CWCAs), upon reviewing all documents provided
by the state’s Injured Workers Insurance Fund (IWIF), determined that
although the company had separate payroll premiums in three states, Maryland
was charging a premium for all the company’s workers, regardless of
where they worked. This led to unnecessary overcharges of $36,000.
Solution
The CWCAs collected all payroll and supporting documentation from each state,
including copies of each state’s policies and job records from each
project. After careful review, they appealed to the audit department of
the Injured Workers Insurance Fund. The findings were revised in favor of
the client.
Result
As a result of the work by the CWCAs, the company saw a $36,000 reduction
in its annual premiums. |