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DownloadJULY 2014 Issue
Download JULY 2014 Legal Monitor
COMPENSATION RATES EFFECTIVE 10/1/2013
renewal policies October 1, 2013
The State of New York has approved a
9.5% average loss cost rate increase, after declining a 16.5% increase
originally sought by the NY Compensation Rating Board. The
loss cost rate for Code 5190- Electrical Wiring will increase from 5.49
to 6.04 a 10.7% increase. The NYS Assessment charge will remain
unchanged at 18.2% of premium.
The loss cost rate, multiplied by a
carrier loss cost multiplier yields the total rate charged by the
carrier. Each carrier's final rates will vary based upon their
For those who qualify for Payroll
Limitation, the weekly payroll "cap" of $1,188.10 will be
revised to $1,204.81 effective with renewals October 1, 2013 and after.
Benefits for injured workers are
indexed to 2/3 of the average statewide weekly wage. Effective July 1,
2013, the weekly maximum benefit for injured workers is $803.21, up from
$792.10. For many years the weekly maximum was held constant at
If you would like further information
on Workers' Compensation rates or a quote from the Association's
Workers' Compensation Group, contact Jay Mangione
at the Association office.
PROPERTY & LIABILITY
GROUP COVERS OVER 135 NYSEC MEMBERS!
Interest running high in this
members only program!!
The State Association has partnered
Company and Cool Insuring Agency
to offer a property and liability group. The program is tailored
to specifically address electrical contractor coverage issues, and
offers an additional discount for State Association members.
Those currently insured with
Harleysville should speak with their broker to learn of the additional
benefits and savings available through the group. Quotes and
further information may be obtained by contacting
Jay Mangione at the Association office.
•Scholarship Award Program
The New York State Association of
Electrical Contractors Scholarship Award Program is funded
by contributions from our members. Use the link below to
download and/or print the application.
The New York State
Association of Electrical Contractors
P.O. Box 807
Latham, NY 12110
The New York State Association of Electrical Contractors, founded in 1899, is dedicated to promoting the exchange of information and ideas, fostering of business relationships and networking opportunities, development of group business and insurance programs, and the advancement of State legislative interests common among all member firms in the electrical contracting and related industries.