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Florida Workers Compensation Rate Increase January 1 2011 For Immediate Release November 11, 2010

Florida workers' compensation insurers have been given the green light to raise rates an average 7.8 percent starting Jan. 1, 2011. Florida Insurance Commissioner Kevin McCarty has told the insurers' rating organization, the National Council on Compensation Insurance (NCCI), that he would approve a rate filing to increase rates by 7.8 percent. NCCI had sought an 8.3 percent increase.

Jeffrey W Kaplan President of Insurance Source.Com Americans Workers Compensation Headquarters said rates have gone down 61% in the last 7 years so they cant keep going down forever It is the first rate hike approved in seven years. The state enacted reforms in 2003 that have been credited with helping to lower rates.

"The rate increase that that has been justified would still give Florida the lowest rates in the southeast, and likely keep us in the top 10 states nationally for most affordable workers' compensation insurance," said McCarty. McCarty's decision is technically a denial of NCCI's 8.3 percent filing. McCarty's actuaries used a different medical trend factor than the one used in the NCCI filing which led to a marginally different outcome.

But if NCCI accepts McCarty's opinion, this would give Florida a cumulative decrease of 61.9 percent since 2003, and keep Florida's workers' compensation rates below the state's average rates in 2009. The Office of Insurance Regulation conducted a public hearing on this rate issue on Oct. 5, 2010


Tennessee Changes the Workers Compensation Rules for the Construction Industry For Immediate Release February 1, 2010

Recently Tennessee Bill H-1645 amended the law to require any person engaged in the construction industry as a principal contractor, intermediate contractor or subcontractor to carry workers’ compensation insurance effective December 31, 2009. Pursuant to this change in law, your workers’ compensation insurance policy may have been endorsed to provide this coverage. You should check with your current agent and make sure you have an exemption signed now or it could cost you allot of money at audit time. Effective January 22, 2010, the Tennessee Legislature passed SB7001 & HB7007 that removes the requirement for sole proprietors and partners who are engaged in the construction industry to carry workers’ compensation coverage on themselves. At this time the state has removed the coverage requirement; however, it will be reinstated on March 28, 2011.


Tampa, Florida, January 1, 2010

On January 1 2010 Florida Workers Compensation Rates were lowered which is a reversal from what was supposed to take place last year because of the Emma Murray vs. Mariner Health Inc case. This is good news for business and make sure you have a dividend plan that pays you back for your good claims history


Florida will see a 6.4% increase in Florida Workers Compensation Insurance Rates and another 6.4% in 2010 Tampa, Florida, April 1, 2009

Beginning in approximately 2006 many attorneys were dissatisfied with the income that they were earning when representing a plaintiff in a workmen’s compensation case. 
Attorneys challenged the court over the Emma Murray vs. Mariner Health Inc. and ACE USA, which initially limited attorney’s fees in workmen’s compensation cases, and the attorneys won- imagine that!
 
As a direct result of the victory, in which Florida Supreme Court Judges ruled, attorney’s are now permitted to collect more fees for taking a workmen’s comp case.  Consequently, Florida Worker’s Compensation premiums will go up 6.4% April 1st 2009 and again 6.4% in April 2010.  This ruling will be detrimental to the financial well being of business owners in Florida and will likely reverse the 40% premium reductions experienced over the past 4 years.
 
“Now, a court ruling initiated by greed will have a direct result of a 12.8% increase in rates over the next 2 years while attorneys enjoy a considerable pay raise” says Jeff Kaplan, President of Insurance Source.Com in Tampa Florida specializing in helping business owners obtain Workers Compensation Insurance at affordable rates.
 
This is an injustice to the Florida business owners who are already suffering in this time of tough economics.  An April 1st raise in rates is just wrong.” fumes Kaplan.  “My personal THANKS to all of the greedy attorneys that backed this bill, and to our Insurance Commissioner that approved the rate increase.


New York Workers Compensation Insurance November 2008 Rate Changes

For the first time in the history New York's workers compensation insurance rating system, there is now a competitive policy and premium market. Carriers now will offer a wide range of coverage options with varying prices instead of fixed rates as was the norm for the past 100 years.
With the old system, policy pricing was non-competitive and virtually fixed with all the carriers. Today, if you don't shop your current carrier, especially if you’re with NYSIF or many of the other old line carriers, you could be over-paying by 60% or more!

Jeffrey Kaplan, president of Tampa based Insurance Source.com Inc., was quoted as saying, “I recently quoted a workers compensation insurance policy to a home siding and sheet metal installation contractor. He was with NYSIF, and paying over $70,000 a year based on a $170,000 annual payroll. I was able to get him approved for $15,539.00 premium for the same payroll and coverage. That’s a huge savings!

These new laws and rates took place in November 2008. If you have not had your workers compensation re-quoted recently, or your current agent has not made you aware of the changes in New York’s workers compensation insurance rating system you need to contact us immediately. You’re probably paying way to much”, Kaplan hastily added.




Information for State Workers Compensation Insurance