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2010 WINTER MEETING A SUCCESS
By all accounts, the 2010 Winter Meeting recently
held at the
Radisson St. Martin Resort,
Marina and Spa was a great success. A
large turnout of members from all over the state enjoyed great weather
and cuisine, while building lasting friendships. We hope the word
continues to spread about these terrific State Association events.
NYSEC WORKERS' COMP GROUP Fully-insured group program without the potential liabilities of self-insurance.
NYSEC retains its
partnership with CardinalComp to offer a workers' compensation safety
group (not related to State Insurance Fund) designed specifically for
our NYSEC electrical contracting membership. The group provides
competitive up-front pricing, outstanding claims handling, superior
customer service and
potential dividends.
WORKERS' COMPENSATION RATES REVISED Effective with renewal policies October 1, 2009 The NY Compensation Rating Board has announced an average "loss cost level" rate increase of 4.5% effective with policies renewing October 1, 2009 and after. Changes to individual classification codes will vary based upon industry experience. The NYS Assessment charge will be increased from 13.4% of premium to 14.2%. The rating system involves the calculation of just the loss component of rates, and each industry classification will have a state determined loss cost. Carrier profit and overhead are no longer contained within the manual rates calculated by the state, rather each carrier will file a "loss cost multiplier". The loss cost rate, multiplied by the loss cost multiplier will yield the total rate charged by the carrier. Each carrier's final rates will vary based upon their approved multiplier. The new "Loss Cost" rate for Code 5190- Electrical Wiring is 4.04, a 0.7% increase from the current rate of 4.01. The "Loss Cost" rate for Code 5191- Low Voltage is 1.21, an increase of 21%. The Association's workers' compensation group will be incorporating these new rates upon renewal. If you would like further information on Workers' Compensation rates and reforms or a quote from the Association's Workers' Compensation Group, contact Jay Mangione at the Association office.
PROPERTY & LIABILITY GROUP NEARS $4 MILLION Interest running high in this members only program!! The State Association has partnered with Harleysville Insurance 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 visiting electrical contractors group.
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The New York State
Association of Electrical Contractors MISSION STATEMENT: 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.
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