Tired of completing workers compensation audits for condominium associations that have no payroll? The vast majority of these policies are in the Massachusetts Assigned Risk Pool. Now there is an alternative.

 

Think of the time spent on these very small but necessary policies and the aggravation:

Are you chasing down updated certificates of insurance from all your sub-contractors just to avoid paying workers compensation premium for their employees? Typically your sub-contractors policy period does not match your policy period so you might need multiple certificates. 
 
You might need to provide tax returns to prove no payroll- Multiply this by a new auditor for every workers compensation policy.

Strict assigned risk regulations-  Under assigned risk rules failure to comply with the expiring audit or pay a premium on time will result in the current policy being cancelled. After a 15 day lapse you must re-apply to the pool and complete new applications all over again.

 

We are now offering an  "A rated" insurance company that will insure your "no payroll" workers compensation accounts. No more workers compensation assigned risk rules. The policy will be issued without any payroll basis for the same premium you would pay in the assigned risk pool. However, at the end of the year  the policies will all be grouped by manager so you won't have multiple audits with the same insurance company.

 

We can also insure building maintenance employees at rates below what the assigned risk pool charges. These policies are subject to underwriting guidelines.

 

Consider the benefits:

"Year-end audits" grouped by manager

Our application is much easier than the assigned risk pool application

Flexibility as opposed to strict assigned risk regulations- Under the assigned risk plan if a premium is not paid by the renewal date coverage lapsed and after 15 days not only do you have a lapse but you'll also need to reapply which means a new application. Our voluntary placed policy would be much easier to reinstate if coverage lapses.

 

To become eligible for this program we will need a list of condominium associations that want to participate. We would encourage you to change at policy expiration and not during the current policy term to avoid a mid-term audit. Supporting lines of insurance are not mandatory but we are stressing this to make the program work.