Workers’ Compensation Rate Revision 10/1/2017

| September 12, 2017

The State of New York approved a slight decrease in the rate for Code 5190 Electrical Wiring.  Effective with policies renewing on or after October 1, 2017, the loss cost for code 5190 will decrease 0.9% from 6.63 to 6.57.  This is welcome relief from last year’s 15.3% rate increase.  The NYS Assessment charge is also reduced (on January 1, 2017) from 12.9% to 12.2% 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 approved multiplier.

For those who qualify for Payroll Limitation, the weekly payroll “cap” of $1,296.48 will be revised to $1,305.92 effective with renewals October 1, 2017 and after.

Benefits for injured workers are indexed to 2/3 of the average statewide weekly wage. Effective July 1, 2017, the weekly maximum benefit for injured workers is $871.05, up from $864.32. 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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