Insured
This major landscape contractor servicing commercial properties
employs 120 people and does $1.9 million in annual revenues.
Situation
A year after purchasing the company, the insured was concerned
why, as a relatively new business, its Experience Mod was extremely
high at 1.39, with annual premiums in excess of $400,000.
Assessment
Certified WorkComp Advisors (CWCAs) conducted a complete needs
analysis on the company, running the gamut from human resources
to claims filing. The insured was unaware of how the system
worked in regards to ownership changes and it was discovered
that the insured had actually inherited the previous owner’s
high Experience Mod. Significant aspects of the operation, including
the discontinuation of tree trimming, had changed.
Solution
Utilizing techniques and information garnered at the Institute
of WorkComp Professionals, the advisors did a thorough investigation
of ownership laws and deduced that the insured should not have
inherited the previous owner’s excessive Mod rating. Appropriate
paperwork was filed with the rating bureau, and the Workers'
Comp Insurance Rating Bureau agreed on the findings.
Result
After the successful filing with the bureau, the insured’s
Mod was adjusted and lowered to 1.0 and a refund of $104,000
in premiums.
