A.M.
Best Rating
Praetorian Financial Group is rated
A-/IX/Excellent by A.M.
Best Co.
Underwriting
Guidelines
Underwriting Criteria
- Click
here for list of eligible codes and classes.
- Risks with California-only Nevada-only exposures are eligible.
- Risks must be in business with Work Comp history for a minimum
of one year and must have current insurance coverage in force.
New ventures will not be written.
- All risks over $350,000 EAP will be pre-inspected by loss
control for acceptability. Applications must in our office
no later than 1 month prior to the expiration date. Any risk
pre-inspected and not approved by loss control will not be
written.
- Risks over $100,000 will have post-binding inspections performed
by loss control.
- Telephone inspections may be performed at underwriter discretion
or randomly by CPAGIA management on any size risk.
- Risks over $200,000 EAP and/or risks with an average loss
ratio of 55% or higher, or an experience modification in excess
of 1.30 will have extra-ordinary underwriting analysis done.
- Audited financials or a Company generated financial statement
must be included in the submissions for risks generating $200,000
EAP or greater.
- Risks must provide written description of any individual
loss greater than $25,000, including nature of the injury,
cause and current status. All loss data provided should be
valued within the last ninety (90) days.
- Risk Management must be:
- Stable for the past three years with no material change
in operations.
- Experienced in operation’s
industry.
- Safety-conscious and compliant with any and all loss
control recommendations.
Policy Term
- All policies are issued as guaranteed cost
for a 12-month term. Short-term policies may be available to
coincide with a Normal Anniversary Date or as an accommodation
to replace business midterm. Retrospective or Deductible programs
are not currently available.
Binding of Coverage
- Underwriter will retain full binding authority. Producing
brokers do not have binding authority.
- The producing broker may request to bind coverage upon receiving
a written certified quotation.
- No verbal representations by any employee of underwriter
are valid.
- No backdating is permitted.
- The producing broker is responsible for collection of the
down payment amount as stipulated on the quotation for new
business and renewals.
- A copy of the deposit check or confirmation of check by fax/e-mail
must accompany the binding request.
- The actual deposit check must be received within 5 business
days after the date the request to bind was made. If the down
payment is not received within this timeframe, a Rescinding
Bind Notice will be issued and the risk will not be re-bound
without the underwriter's approval. NOTE: All down payment
checks must be made payable to Praetorian Insurance Company.
Certificates of Insurance
- Certificates of insurance may be issued
by the producing broker on ACORD certificate forms only with
a copy to be forwarded to underwriter for approval. Please
do not strike any wording from the approved ACORD certificate
form as it will be rejected. Department of Motor Vehicle filings
will be generated by underwriter.
Waivers of Subrogation
- Subrogation entitles an insurance company to recover the
amount due an insured from a third party who caused the loss.
When these rights are waived the Company gives up this opportunity.
Because the right of subrogation is important, we want to protect
that right, however, we recognize that there are instances
where contracts require the Insured to waive their subrogation
rights as a condition of the contract award.
- Certificates Of Insurance that include request for waiver
of subrogation will need to include the following information:
- Length of Job, start to finish, if applicable.
- Detailed description of work being performed.
- Detailed description of Job Name/Job Number/Contract
Number, Job Location, etc.
- Name and address of party requesting the Waiver Of
Subrogation.
- Class codes applicable to the
job, class descriptions and applicable payroll. Be
sure that payroll is consistent
with the description of job, insured’s operation
and size of risk respectively.
- All Waiver of Subrogation
endorsements are subject to the following charge:
- For a specific per entity/per job, apply
Class Code(s) Rate to Payroll for specific job and multiply
the premium
developed by 5%. A minimum premium of $50 will apply to
each Waiver of Subrogation endorsement issued.
- For a blanket basis, multiply the premium
developed by 2%. A minimum premium of $500 will apply.
- Backdating is not
allowed. If back dating is to be considered then we must
first obtain a “No Loss Letter” signed
and dated by the named insured warranting that there have been
no known or reported losses or occurrences that may give rise
to a claim covering the period of time between the start date
of the job and the date that waiver request is submitted.
Pro Rata Cancellation
- The policy is cancelled pro rata and the
return or additional premium is rounded to the next higher
whole dollar when cancelled for any of the following:
- Non-Payment of Premium.
- Non-report of payroll, failure to permit the Insurer
to audit payroll.
- Material misrepresentation.
- Failure to cooperate with the investigation of a claim.
- Non-Compliance with loss control recommendations.
- Material change in ownership and/or operations.
Short Rate Cancellation
- The policy is cancelled short rate when
cancellation is at the Insured’s request.
Reinstatements and Rescissions
- The policy is cancelled short rate
when cancellation is at the Insured’s request.
- A policy that has had three cancellation notices sent for
non-payment of premiums and/or non-reporting of payroll will
not be reinstated, nor will the cancellation notice be rescinded
should payment be received prior to the cancellation date.
- Reinstatements and rescissions may be allowed pursuant to
the following guidelines and conditions, subject for approval
by the underwriter:
- Money is received bringing the account current.
- Frequency of Cancellations (3 or less).
- No reinstatement will be allowed 30 days after the cancellation
date unless the cancel was a result of a company error. Coverage
may be replaced by a new policy, subject for approval by the
underwriter. Cancellation frequency may result in an increase
on the renewal rates.
Final Audits
- Every insurance policy that cancels mid-term or expires must
have a final audit conducted.
- The following guidelines determine what type of audit is
to be conducted pursuant to the premium size of the account:
- Estimated Annual Premium (EAP) between $0 and $15,999
are subject to a mail-in voluntary audit to be completed
by the Insured.
- EAP of $16,000 and greater will be subject to physical
audit.
- Final audits for expiring policies will be requested
no less than 15 days prior to expiration.
- Final audits for policies cancelled by request of the
Insured or by request of the carrier will be ordered
upon the effective date of cancellation.
- Final audits for policies cancelled for non-payment
will be ordered 30 plus 5 days after the effective date
of cancellation.
Payment Plans
- 15% deposit - 9 consecutive payments, direct bill.
- 10% deposit - monthly reporting
(>=$25,000 EAP)
- 100% deposit - annual pay
- Monthly reporting of payroll is available.
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Submission
Guidelines
The following are needed in order to expedite
underwriting and provide the most competitive premium quote possible.
Required:
- Detailed description of the insured’s
operations.
- Workers’ Compensation Application (ACORD 130). This
form must be signed by insured in order to bind coverage.
- Supplemental
Workers’ Compensation Application (use
Singlepoint’s form or other similar comprehensive form). This
form must be signed by insured in order to bind coverage.
- Four-year payroll history and hard copy loss experience
(valued within 90 calendar days of effective date). NOTE:
If using State Fund's loss runs, we need the "Loss Analysis
Report" loss runs separated by each year.
- Description of any claim over $25,000.
- If contractor with split wage class code, current bureau
XMOD worksheet.
- If mid-term replacement, annual payrolls as well as short-term
payrolls plus net rates by code/class for current policy.
- Three-week lead time.
Desired:
- Commercial
Insurance Application (ACORD 125).
- Five- year payroll history and hard copy loss experience
(valued within 90 calendars of effective date).
- Current Bureau XMOD worksheet.
- Current CompLine XMOD history sheet.
- Target premium.
- Target quote date.
- Four-week lead time.
- Transmission of submission by e-mail.
Send submissions as follows:
E-MAIL TO:
submissions@singlepointins.com
FAX TO:
925.283.2051
Attention: Submissions Desk
MAIL TO:
Submissions Desk
Singlepoint Insurance Services, Inc.
3730 Mt. Diablo Boulevard, Suite #100
Lafayette, CA 94549
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Claims
Option 1: The insured has the option of calling
in the claim to Gallagher Bassett's 24/7 Toll Free Claim Reporting
line. That number is 888.217.7947. Please have the following
information ready when calling:
- Injured worker’s name, address,
telephone number, social security number, date of hire, and
date of birth.
- Date of injury and a description of the injury.
- Name and address of medical provider.
- Wage information.
Option 1 eliminates paperwork. Once the claim is set up the
insured will be faxed or mailed a copy of the completed 5020
(Employer's Report of Injury).
Once the claim is set up at Gallagher
Bassett, the insured will be contacted by the Adjuster assigned
to their claim. The insured may contact the Adjuster directly
at 800.433.0181.
Option 2: If
the insured prefers to fill out the claim forms they may fax
these to 866.260.1190 or mail them to Gallagher Bassett Services,
P.O. Box 30840, Laguna Hills, CA 92654.
Once the claim is set up at Gallagher Bassett, the insured will be contacted
by the Adjuster assigned to their claim. The insured may contact the Adjuster
directly at 800.433.0181.
NOTE: Praetorian Insurance Company
has specified that there is to be no contact between adjusters
and brokers. Therefore, all claim status and similar requests
are to be channeled through Singlepoint and Singlepoint will
reroute requests as necessary. Requests should be in writing
and transmitted by mail, e-mail, or fax.
Click
Here for Medical Provider Network Info.
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