Mid-policy Assessments and Endorsements
We have received a larger than normal number of calls and emails on mid-policy assessments and/or endorsements. A mid-policy assessment or endorsement should be examined very carefully. A past post on Red Flags that you may have been overcharged lists this as an area of concern.
When an insurance carrier decides to change a policy mid-term it should be considered a change of contract. I often see where our clients and employers have filed away the endorsements or assessments without reading them. If your company changed your employment contract, would you not read that info?
Mid-policy assessments or endorsements are not the same as a yearly workers compensation premium audit. We recently received a premium audit statement that was noted as an endorsement. The yearly premium audit usually occurs 30 – 60 days after the end of your policy period.
The fastest way to screen whether or not the endorsement caused an increase is to review anything that is referred to as a premium adjustment. Your company may not be billed right away.
The receipt of an endorsement should be explained to you by your agent or broker if you contact them. As I have posted very often in this blog, DO NOT wait to contact your agent or insurance carrier about the endorsement. Certain states have time limits on when you can raise a dispute.
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