Class Code Evaluation
The most fundamental element
impacting the pricing of a workers' compensation or general liability
insurance policy is classification assignment. With hundreds and
hundreds of classifications available, each with their own lengthy and
often ambiguous descriptions, it should be no surprise that
classification mistakes are no stranger in the commercial insurance
world.
PAC understands the classification process better than most in the
business. Proper classification assignment cannot be achieved
without:
- Taking the time necessary to understand the nature of a
business and employee duties
- Possessing a knowledge of the class codes that are
potentially available
- Knowing what areas are "gray," versus those that are black
and white
- Understanding the insurance manual rules regarding class
code assignment
- Being able to ask the key questions that "make or break"
the application of certain codes
- Being able to effectively communicate observations and
conclusions in a written report
using the same technical language that insurance
carriers and rating organizations speak
Insurance Carriers - PAC can evaluate the
classifications assigned to policyholders either at policy inception or
at the time of premium audit. We can also perform special
classification inspections at your request.
Agencies - We can help you resolve
classification disagreements between carriers and your clients through an independent
and unbiased assessment. Having managed the premium audit
departments for major carriers, PAC understands the importance of
maintaining a balance of client service and carrier support. We
can also help you identify premium saving opportunities before the
competition does.
Policyholders - Gain an independent
assurance that you aren't overpaying your insurance premium. We
can also help you evaluate and often resolve classification
disagreements with insurance carriers.
Audit Vendors - Let PAC help you with
classification inspection overflow.