UNDERWRITING
In order for the underwriting facilities of Golden Isles Underwriters, Inc./W. K. Stringer Company to be made available to you, it is necessary that you be approved to submit applications for your clients to us. If you currently do not have an agreement to do business with us and wish to be reviewed for approval you may complete the Producer/Subagent Questionnaire questionnaire and fax it to 678-259-3798.
Please note that completion of the questionnaire does not constitute a contract with Golden Isles Underwriters, Inc/W.K. Stringer Company.
Understanding Underwritting
In order to better understand the nature of underwriting please visit the following link Understanding Underwriting This link contains information from the New York Workers Compensation Board.
Required Underwriting Information
- We need a current completed and signed ACORD Workers Compensation Application (must include payroll by NCCI or approved state specific class code and description of operations).
- Latest 3 to 5 years of currently valued (within 90 days) loss runs (minimum must be latest 3 years). See referral criteria if less than 3 years of loss runs.
- Detailed written description of all losses greater than $25,000 (detailed written description includes injury, cause and current status within 90 days, must be on file).
- Current year experience rating worksheets.
- Employer's Federal I.D. number or social security number, whichever is applicable.
- Corporate officer information.
Excluded Class Codes/Class of Business/Exposures
Send in a submission if you are unsure if we'll consider writing a risk. Chances are we'll write the account. The following are excluded from the treaty unless prior written approval is obtained from the Reinsurer:
1) State, Federal and Marine Act Exposures
- USL&H Act (unless incidental, less than 15% of premium)
- Liability under the Jones Act
- Defense Bases Act
- Outer Continental Shelf Act
- Civilian Employees of Non-appropriated Fund Instrumentalities Act
- Federal Employers' Liability Act
- The Migrant and Seasonal Agricultural Workers Protection Act
2) Occupational Disease Exposures
NCCI "D" and "E" classifications and NCCI classifications and state specific classifications with known Occupational Disease exposures including but not limited to the following (state specific codes may differ, but operations with similar descriptions will fall into these categories):
| 1005 |
Coal mining surface & driver |
|
3081 |
Foundry ferrous NOC |
| 1164 |
Mining NOC, not coal underground |
|
3082 |
Foundry steel castings |
| 1165 |
Mining NOC surface |
|
3085 |
Foundry non ferrous |
| 1710 |
Stone crushing & drivers |
|
3175 |
Radiator or heater mfg |
| 1741 |
Flint or spar grinding & driver |
|
3176 |
Refractory production mfg & drivers |
| 1803 |
Stone cutting or polishing NOC & drivers |
|
6251 |
Tunneling, not pneumatic |
| 1852 |
Asbestos goods mfg |
|
|
|
Minimum Premium
To be acceptable, the risk must have enough payroll to equal an annual premium of $850.00 or else the NCCI minimum premium for the class must be $850.00 or higher. The risk must have some payroll. In addition, these small risks will only be written with $1,000,000/$1,000,000/$1,000,000 Employers Liability limits.
Minimum Earned Premium
Every workers' compensation policy written by any insurer is subject to minimum earned premiums. When calculating a premium finance down payment, you must collect at least the minimum earned premium plus any finance charges plus and cancellation charges. If you do not, we will not accept the risk.
Premium Financing
We like premium financing, but in South Carolina and North Carolina we may not be allowed to audit the insured's accounting records after cancellation. Therefore, you must submit three years of auditing payrolls in advance to obtain a deposit premium that can be subject to premium financing. If you do not, we will not accept the risk.
Premium Collection
Independent Agent's do not have the authority to collect premiums on behalf of us or the insurer. You may transmit to us the applicant's or insured's check or money order payable to us or the insurer.
Binding Authority
Independent Agent's cannot bind us or the insurer. You may transmit to us the applicant's or insured's check or money order payable to us or the insurer.
Payment Plans
The Independent Agent must collect as a down payment or deposit an amount at least equal to the minimum earned premium even if the percentage of down payment or deposit calculates a lower amount. As a convenience to the insured, a variety of payment plans are offered:
1. Annual Pay
2. 25% deposit and continuous monthly payments (policy never expires)
3. 25% down and balance in 1-9 monthly payments
4. 25% deposit with payroll reports monthly and pay monthly invoices -
This is a direct bill audit plan that requires the insured to submit monthly payroll reports and pay when invoiced. This payment plan is only available on larger risks and requires management approval.
Georgia Insolvency Charge
The Georgia Legislature has enacted statutory changes to the Georgia Insurers Insolvency Pool Act. As a result of this new legislation, effective January 1, 2007, an assessment surcharge equaling 2% of any written WC premium will be added to all Georgia workers compensation policies. This 2% surcharge will be added only to Georgia based premium. This surcharge will be listed as a surcharge to premium and will be due as part of the deposit to bind coverage. In order to compensate for this 2% surcharge, we have filed new rates that will be lower for most classes. Note: No Agency can collect commission on the 2% surcharge. Neither your agency nor Golden Isles Underwriters, Inc may claim commission on this 2% of the premium.
To Read the law please visit GA Insolvency Surcharge
|