Important Upcoming Date For January 1 Policies Renewal
Over the last few months, I had been covering a plan on how to reduce E-Mods. The important upcoming date for January 1 renewals is your Unit Stat date. The Total Incurred (Paid + Reserves) is tallied six months after your policy inception for your NEXT policy period.

If you have been following my recommended Action Plan, you should have by now
- obtained a copy of your loss run (online preferred)
- analyzed the loss run for any files that seem over-reserved or should have been closed
- contacted your Workers Comp adjuster
- negotiated the reserves
- obtained an additional loss run to make sure the changes were made
The best way to finish the analysis is to obtain a copy of your loss run the last week of this month. Go over all the Total Incurred figures to make sure they match the negotiated reserves. If the changes were different than expected or were not made, the Total Incurred amounts on your claims are stamped in stone. Usually, after close of business on June 30th, the insurance carriers will not change the values.
The Total Incurred will be reported to the Rating Bureaus using the June 30th amounts. If your policy does not have a January 1 renewal, then just add six months onto your policy inception date for your Unit Stat date. For example if your renewal date is 4/1/11, then your Unit Stat date is 09/30/11.
I will post next time on how to get your E-Mod report months in advance of when it is released.
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