A workers' compensation premium audit is disputed. The insured wants another opinion. As a community service, Insurance Consultants of Maine offers Pro Bono and reduced fee services to selected non profits groups. A mod of 1.0 indicates that the insured company is at industry average for workers' compensation claims. Conversely, a mod of that is greater than 1.0 indicates greater losses than average.
Modifications can have a dramatic impact on premiums.
The actual calculation of the experience modification is complex. Errors are not uncommon. Insurance Consultants of Maine offers its clients an experience modification rating analysis. The final result is a detailed report of losses, premiums and the modification itself. The report can be used to track down errors and review different scenarios.