You’ve got your MOD Sheet and you already know how to read it.
A quick review of key pieces of information and areas we’ve discovered over the years that can be addressed quickly.
- The Policy Dates are Correct! (It sounds simple, but changes in renewal dates, wrap-ups, mergers, sales and even asset purchases can lead to mistakes or not getting the full credit for you actual exposure!)
- Were any claims under subrogation? Even partially?
- How do the claims compare? Do you see any significant discrepancies between your losses and your MOD sheet? If so, dig deeper and understand why and where the differences are!
- Do the payrolls for every policy period match your audited payroll figures? If you paid additional premium one year in an audit, you want to make sure you’re getting credit for that additional payroll and premium on your EMR!
If red flags go up as you’re checking your MOD sheet, take notes, send your agent a quick email and make sure you KNOW and UNDERSTAND you’re getting rated correctly!