Audit Reviews
It is mandatory that the following WC audits are reviewed by ES&P (Dennis Sturtz):
- All WC audits for clients with revenue over $20,000
- All audits for WC policies with a premium of $100,000 or more
- Any audit that you feel may be wrong
- Any audit you deem important to SterlingRisk
ITEMS NEEDED FOR AUDIT REVIEW
- FINAL AUDIT
- AUDITOR’S WORKSHEET
- ORIGINAL POLICY
- CLIENT CONTACT
- CLIENT PHONE
Experience Mod Reivew
- There are no mandatory criteria
- However, any significant spike in the mod may warrant a look
- Should a client have a third party looking to do the mod, we tell them it is part of our service (small accounts may require approval)
- Producers who want to be proactive may request a mod review
ITEMS NEEDED FOR MOD REVIEW
- Experience Rating Sheets (Procedure for obtaining will be sent in a separate email)
- Three years of final audits (If we are examining the 1/1/2016 mod, then we need audits from 1/1/2014, 1/1/2013 and 1/1/2012. The immediate preceding year (2015) is not included in the mod calculations.
- Loss runs covering the policy periods in #2 above
Please be aware of Code 59 Rule: Basically an insured whose Mod goes to 1.20 or higher must undergo a special safety program. (See Steve Markowitz)
Workers Comp Recovery
- This is something all producers should discuss with their clients
- It is a money maker for SterlingRisk and the producers alike
- Not only does it make money, it will endear the client to you for finding monies spent long ago
- For new clients, we charge them 25% for the recovery in lieu of the normal 50%
