Offering PIA Members market options for their clients
mono-line workers' compensation needs!
Currently writing with five carriers!
How To Get Started:
- You must be a PIA member in good standing.
- Fax a Brokerage Agreement to 888-812-8601 along with a copy of your CT Insurance license and a copy of your E&O declarations page (with minimum limits of $1,000,000).
Simple 5 Step Submission Process:
- Verify eligibility by reviewing the Class Code list and Underwriting Guidelines.
When you find the class code make sure you click on the phraseology to get the Underwriting Guidelines for each carrier. Reviewing the guidelines will help you to identify if a risk is acceptable. - Fax the completed Acord 130 to us at 888-812-8601 (include the Inclusion or Exclusion form, if applicable).
Certain risks may require loss runs and additional forms. When reviewing the acceptable class code list make sure you click on the phraseology to view the underwriting requirements and additional information needed. Risks that qualify only for Rochdale may require up to three years worth of loss runs and additional questionnaires.
- Anticipate a faxed quote within 24/48 hours of PIA receiving a complete submission.
If quoting with Rochdale, expect a faxed quote within 72 hours.
- Fax back an acceptance to Agency Resources (ARI) at 908-598-6013 or 908-598-6012.
If quoted by Rochdale, fax acceptance and a copy of deposit check to PIA at 888-812-8601. However, you must mail your check directly to the carrier. Do not mail payment to PIA!
If quoted by Guard, fax acceptance and a copy of deposit check to PIA at 888-812-8601. However, do not mail payment to PIA or to Guard as payment will be drafted electronically from the checking account.
- Anticipate a faxed binder within 48 hours. The carrier will bill your client directly...and you're done!
Rochdale requires a down payment within five days of the inception date. The other carriers are direct bill.
Important! A complete Acord 130 application increases response time.
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Underwriting Guidelines (Connecticut):
- Classes are subject to minimum premiums, depending on the carrier and the class code
- You need to provide a detailed description of the business operations (web site address and/or a business brochure would be helpful)
- Depending on the risk and the carrier, loss runs may be required
- Backdating is not allowed - Effective date will be the date that the application (plus any additional requested information) is received at PIA or a later date
- The carriers may review Dunn and Bradstreet reports and will decline the risk if they deem the Insurance Score as unacceptable
- New business ventures - field experience and a description of that experience must be provided in order for the risk to be considered
- Contractor Risks:
- AIG: Minimum Premium $10,000
- Guard: Select Artisan Classes Only / 3 Years Current WC Coverage Required / No Minimum Premium / Minimum Payroll $12,500
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| Unacceptable Business Exposures: |
- No 24-hour operations
- No placement services, temporary agencies or leased employees
- No non-profits
- No daycare/pre-school
- No Manufacturer's Reps
- No laboratories
- No seasonal operations
- No working out of the house/home
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Billing and Payment Plans - Insured will be billed by company directly, including down payment.
Alternate A+ Carrier:
Financing of policies is not allowed for this carrier.
- Premiums under $2,500:
30% down
25% due the 2nd month
25% due the 5th month
20% due the 8th month
- Premiums over $2,500:
25% down with 9 equal installments
**A $6.00 per installment fee will be charged.
AIG:
- Premiums $3,500 to $5,000 - Option A
- Premiums $5,000 to $10,000 - Option B
- Premiums $10,000 and over - Option C
- A late charge of $10.00 is applied to payments received after the due date.
Option A: Full Pay or 65% down with 1 installment
Option B: 50% down with 2 or 3 monthly installments or 30% down with 6 monthly installments
Option C: 20% down with 9 monthly installments
**A $5.00 per installment fee will be charged.
Ace:
- Payment in full
- Quarterly Installments
30% down with 3 installments (billed every 3 months)
- Ten Pay Method
20% down with 9 monthly installments
**A $5.00 per installment fee will be charged.
Guard:
- Direct Bill
- Direct Draft - Electronic funds transfer
- Self-Reporting - Let insured's "pay-as-you-go" by reporting monthly payroll numbers directly to Guard
- GRIP (Guard's Reporting Interface for Payroll) - Use Guard's participating payroll providers to let insureds "pay-as-you-go"
- A late charge of $10.00 is applied to payments received after the due date.
**A $7.00 per installment fee will be charged.
Rochdale:
- Premiums under $1,000:
Full Pay
- Premiums $1,000 - $2,500:
25% deposit of total premium. The balance will be billed in 3 Monthly Installments.
- Premiums over $2,500:
25% deposit of total premium. The balance will be billed in 8 Monthly Installments.
- A $10.00 per installment fee will be charged.
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Commission Information
Alternate A+ Carrier - 7% remitted on full premium
Guard - 6% New / 4% Renewal, remitted on paid premium
Rochdale - 5% remitted on paid premium
AIG - 4% remitted on full premium
Ace - 4% remitted on paid premium
Understanding our company placement procedure:
- You submit a completed application and necessary supplements
- PIA reviews for accuracy and completeness
- Based on the information received, PIA and/or Agency Resources will determine (based on the risk) which carrier would quote the business
First we will try and place the business with the carrier for which the brokers receive 7% commission (Hartford)
Next we will review the risk with the carrier paying 6% broker commission (Guard)
Then we will review the risk with the carrier paying 5% broker commission (Rochdale*)
And lastly we will review the risk with AIG and Ace, paying 4% broker commission.
*The exception to this is that some business may be placed with AIG or Ace over Rochdale if it meets both carriers guidelines and we don't have loss runs or the supplemental information needed to submit to Rochdale.
We have done our best to ensure that this information is accurate and reliable. Companies are always adjusting their underwriting appetites and, as such, this information is subject to change without notice.
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