The mission of Lovell’s Underwriting Department is to ensure that each Group member secures its Workers’ Compensation Insurance at the lowest possible cost. This is achieved, first and foremost, by accepting only applicants that satisfy Lovell’s stringent safety standards. Before a company can qualify for membership in any of our Safety Groups, the Underwriting Department performs a careful review of its past record and history of losses. Lovell’s careful selectivity in enrolling new Group members protects its current members and ensures consistent control of Workers’ Compensation losses.

Once accepted into one of our Safety Groups, a company derives the benefits of our Underwriting Department’s oversight and assistance on the details of their coverage. New members are furnished with a copy of our Underwriting Manual, providing information on manual rates, job categories/classifications and experience ratings, along with many other aspects of coverage. The manual rate measures work experience and losses in different industries and is used to establish the base cost for all insured businesses in New York State. Manual rates have the greatest impact on a member’s premium and are revised each year by the New York Compensation Insurance Rating Board to reflect injury cost and benefit changes. Our underwriting experts monitor changes in manual rates and notify each Group member of the new rates and appropriate codes.

Another significant factor in determining a company’s premium is its experience rating. This is an annually revised comparison of the business’ losses and payroll to the average risk in that particular industry, and results in either a credit, which reduces the premium for that year, or a debit, which increases the premium. Our underwriters analyze the data sheet issued by the Rating Board on every member company each year. We check for accuracy to verify that each member’s experience modification computation accurately reflects its experience for the previous years. This service can directly save premium dollars by reducing the impact of a member’s experience.

At the close of each year, the carrier performs an audit of each member’s books. This audit results in an audit bill, which will carry either a credit or a charge, depending on the carrier’s findings. Lovell’s Underwriting staff offers assistance with these audits to ensure that proper classifications have been used and overtime credit has been applied.

When questions arise about a carrier’s billing, we furnish thorough, quick explanations. Our underwriters are knowledgeable about available payment plan options, and we offer guidance on the payment plan that best suits each member’s needs. Upon receipt of a copy of a member’s deposit premium/renewal bill, we automatically verify accuracy of all facts and details.

Lovell’s staff of experienced underwriters is always available for guidance, clarification and assistance on changes in location or operations, special coverage needs, immediate issuance of Certificates of Insurance, regulations regarding executive officers, uninsured subcontractors and waivers of subrogation and any other issues that affect your Workers’ Compensation costs. Please feel free to contact a representative from our Underwriting Department with any questions you may have at 212/709-8600.