The applicable tier is determined by the policyholder's service requirements and other characteristics of the risk. Premium Calculations Premium is based upon a rate multiplied by the employers' payroll. The rate is based upon an industry standard manual that classifies different types of employment. Payrolls and premiums are estimated at policy inception and finalized with a final audit that is conducted when the policy expires. Premium Audits All Workers' Compensation policies are subject to an annual premium audit.
Loss runs from carriers for the past three years and current year.
If there are no losses, a letter from the prior carrier will suffice. A copy of the current experience modification worksheet, if applicable. For quoting purposes, we will accept the prior experience modification worksheet if current is not available but will adjust premium upon it's receipt. A copy of the last two quarters Hawaii Department of Labor form UCB6. Supplemental applications are required for Aircraft Exposures, USLH, Maritime and Leasing Companies, which will be provided as needed.