Underwriting – Billing

Lovell’s underwriting staff is here to help and can assist you in understanding the carrier’s billing.

In addition, we can assist in arranging the payment plan that best meets your needs. As part of our comprehensive service, our underwriters periodically review your deposit premium bills for the proper manual rates, classifications, estimated payrolls, and locations.

When we receive a copy of your first bill, we send a notice reminding you to check the following:

  • Is your company name, address and phone number correct or have there been any changes?
  • Have you had a change in personnel that would affect to whom correspondence should be directed?
  • Have you added or eliminated locations?
  • Should additional business names be added or deleted from your bill?
  • Is the payroll estimate accurate?
  • Are the proper classifications shown?

Payment Plan Options

There are several payment plans that may be available to you. To determine which is best suited to your needs, please contact our Underwriting Department at 212-709-8650 or by email at: Underwriting@LovellSafety.com.

The variety of payment plans available include:

  • Pay as You Go: This plan allows you to pay premium as you run payroll, call us to discuss if interested.
  • Annual: 100% deposit premium with one annual audit.
  • Quarterly Provisional Billing Plan: 50% deposit followed by nine equal monthly installments for the remaining 50%, with one annual audit. The minimum Annual Premium required to qualify for this billing plan is $3,000.
  • Monthly Provisional Billing Plan: 25% deposit followed by nine monthly installments, each equal to 1/12 of the Annual Premium for the first nine months of the period, with one annual audit. The minimum Annual Premium required to qualify for this billing plan is $10,000.
  • 12 Equal Installment Plan: 1/12 deposit followed by 11 equal monthly bills with one annual audit. The minimum Annual Premium required to qualify for this billing plan is $10,000.

For Construction Industry Only

Semi-Annual Audit Plan with Quarterly Provisional Billing: Same billing as Quarterly Provisional Plan, with semi-annual audits. Provisional bills are credited against first semi-annual audit, and 50% deposit is credited against final audit. The minimum Annual Premium required to qualify for this billing plan is $1,500.

Semi-Annual Audit Plan with Monthly Provisional Billing: Same as Monthly Provisional Plan, with semi-annual audits. Six (6) provisional bills are credited against first semi-annual audit, and remaining three (3) provisional bills, plus 25% deposit, is credited against final audit. The minimum Annual Premium required to qualify for this billing plan is $10,000.

Semi-Annual Audit Plan with 12 Equal Installments: Same as the Equal Installment Plan with Semi-Annual Audits. Six (6) monthly bills are applied against first semi-annual audit, and the remaining five (5) monthly bills, plus 1/12 deposit, is applied against final audit. The minimum Annual Premium required to qualify for this billing plan is $10,000.

For new business – all of the above billing options are available with quarterly audits.

We’re Here To Help

Please contact Lovell’s Underwriting Department at 212–709–8600 or by email at: Underwriting@LovellSafety.com to find out which plan works best for your company.