I’d written previously about knowing your carriers LCM and why that’s important to you. If you don’t know what it is, start HERE.
If you’re ready for step two, I’m sharing links to the various states LCM’s. These aren’t always easy to find and some states deliberately don’t publish them. In some instances, the link will go directly to a list, others will involve another step or two to complete the search.
Continue reading Uncovering Loss Cost Multipliers
Have you ever noticed a scheduled credit on your policy? Ever wonder why it’s there?
Often times brokers are able to negotiate these on your behalf, but sometimes the scheduled credits are adjusted based on the experience MOD changes.
It’s 2017 and you’re at the last year of your debit experience MOD of a 1.25. Your current WC policy for that year has a scheduled credit of .80, easing some of the pain of your current debit MOD rating. Your renewal policy comes in for 2018 with a new MOD of .78 and low and behold your scheduled credit is now a scheduled debit of 1.10. What gives? Virtually all of the premium savings you were expecting is gone!
Continue reading Be on the lookout!