Building Material Dealer Saves $19,057 due to Mod Reduction
INSURED
Building Material Dealer employing approximately 50 employees and doing $30 Million/year in
annual Revenues.
SITUATION
Insureds new experience mod was released for the upcoming year and
found that their mod would be increasing from 0.79 to a 1.13 which could potentially 43% increase in
their year over year workers comp premium.
ASSESSMENT
Master WorkComp Advisor conducted an analysis of new mod and reviewed all claims impacting the new score that was reported as of the
November valuation date. It was found that one claim which was contributing 0.15 points to the mod
was closed out for $0 one month after the valuation date.
SOLUTION
Master WorkComp advisor worked with carrier to have their unit stat department resend loss information to WCIRB since the claim
was closed within the 2 month reporting period the carrier has to send filing information.
RESULT
WCIRB re-issued the insureds mod at 0.98 which will generate a direct premium savings of $19,057
compared to what they would have paid at a mod of 1.13.