Workers Comp. Loss Cost Revision Effective 10/1/2024

The State of New York approved an 11.4% loss cost rate decrease to the rate for Code 5190 Electrical Wiring. Effective with policies renewing on or after October 1, 2024, the loss cost for code 5190 will be reduced from 4.39 to 3.89.

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 approved multiplier.

For those who qualify for Payroll Limitation, the weekly payroll “cap” of $1,718.15 will be revised to $1,757.19 effective with renewals October 1, 2024 and after.

Benefits for injured workers are indexed to 2/3 of the average statewide weekly wage (1,757.19). Effective July 1, 2024, the weekly maximum benefit for injured workers is $1,171.19, up from $1,145.43.

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