Workers’ Comp. Rate Revision 10/1/2018

| September 5, 2018

The State of New York has approved an overall rate decrease of 11.7%, while individual industry class codes may move more or less than the average. Effective with policies renewing on or after October 1, 2018, the loss cost for Electrical Wiring code 5190 will decrease 13.7% from 6.57 to 5.67. This marks the second straight year of rate decreases. The NYS Assessment charge is also reduced (on January 1, 2018) from 12.2% to 12.1% 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 approved multiplier.

For those who qualify for Payroll Limitation, the weekly payroll “cap” of $1,305.92 will be revised to $1,357.11 effective with renewals October 1, 2018 and after.

Benefits for injured workers are indexed to 2/3 of the average statewide weekly wage. Effective July 1, 2018, the weekly maximum benefit for injured workers is $905.19, up from $871.05. For many years the weekly maximum was held constant at $400.

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.

Category: News

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