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Audits
OR type the name of the insurance company here exactly as it is on the policy.
(NOTE: Not all of them are available here.):
Collect Certificates
Make sure you have current valid certificates of insurance for all sub-contractors, otherwise you will have to pay for them. Do not alter a certificate. Recently 2 people were arrested for fraud concerning certificates of insurance.
Promptly Cooperate
If you do not cooperate with the auditor in accordance to policy conditions, the insurance company is permitted by state law to do an estimated audit up to 3 times the premium and then send it to a collection agency.
Review the Audit
If there is an Additional Premium due on the Audit, it is likely that the current term policy will also be endorsed with an additional premium by the carrier to reflect the higher audited payrolls. If a pay plan is required, let us help negotiate the terms.
If the audit is correct, but the current payrolls are less than those reflected on the audit, send us the insured's tax documentation to substantiate the reduction in payroll. We will work with the carrier to ensure the policy is endorsed to reduce the payrolls appropriately.
Be aware that the carrier will not endorse the current term once a NOTICE OF CANCELLATION has been issued. A cancellation typically happens when you delay your response to the audit and do not pay it. If you delay, they will not reduce the billed premium due to the audit, if a cancellation NOTICE is issued. In such a case you would have to pay the full amount and wait for a refund or get cancelled. If this sounds very confusing, you are right. It can get very confusing when you delay your response to the audit. The best way to avoid this is do everything promptly and do not put it off, otherwise it will just make things very complicated.
If the audit is incorrect, call us and we will go over the audit with you and your reasons for disputing it. We will help determine the chances of success and how to approach the dispute. You should then send your dispute to the insurance company audit department with your documentation. You can send us a copy as well.