Letter from the President: Workers' Comp Refunds, Discounts and Credits
January 09, 2014ATTENTION TRAINERS: YOU MAY BE ENTITLED TO REFUNDS, DISCOUNTS OR CREDITS FROM YOUR WORKERS’ COMP INSURANCE CARRIER
When was the last time you had your Workers’ Compensation Insurance policy reviewed? Navigating the details of class codes and mod rates can be difficult for even the best bookkeepers and accountants. You could be entitled to discounts and credits, and it’s important to have a specialist take a look at your records to ensure that there are no unnecessary reserves or fraudulent claims in your claims history, and that there have been no errors made during audits.
Premiums for Worker’s Comp policies are on the rise. Looking to provide some relief to its members, NYTHA has negotiated with two companies, Compensation Consulting Services and Stephenson & Brook, in order to give horsemen the ability to have their Workers’ Compensation policies reviewed. It is a simple procedure—just choose which company you would like to work with, fill out the agreement form, and provide the company of your choice with your insurance carrier, policy number and the authorization to take a look at your records. The forms are available on the NYTHA website, http://nytha.com/pdf/workers_comp.pdf, or in the NYTHA office at Aqueduct. You can contact the NYTHA office at (718) 848-5045 for help with completing and filing the necessary paperwork.
We will also have a representative from Stephenson and Brook at the NYTHA Office at Aqueduct on Thursday, Jan. 16, from 3-4:30 p.m. to meet with trainers and answer any questions you may have.
There are no upfront fees for this service. The companies work on a contingency basis, and are paid only if you receive a credit or refund from your insurance carrier. IF THERE IS NO RECOVERY THERE IS NO FEE. If there is a recovery, the company receives a fee in the amount of 35% of premium adjustments, refunds, or credits applied to your account as the result of the review.
We encourage you to take advantage of this service.
NYTHA President Rick Violette Jr.