Massachusetts Workers Compensation Rate Update : MA ...

The proposed Massachusetts workers comp rate change deadline is fast approaching.? Back in March, the Mass WC Bureau announced a proposed 19.3% rate increase effective 9/1/12.? There really hasn?t been much in the public eye on where the rates will end up, but they most certainly will be going up.

The likelihood of an announcement on rates by 9/1/12 is highly unlikely.? Just because they more than likely won?t have a rate decision by 9/1/12, doesn?t mean those with effective dates after 9/1 won?t be affected.

Per circular #2195, if the rates haven?t been agreed upon by 9/1, then all those policies effective on 9/1, and subsequent to 9/1, will be issued with preliminary rates.? Essentially, companies will renew with the current rates, but will have their policies adjusted once the new rates have been determined.

Once we have a decision on the rates, I will post them here.? Interesting days ahead???.

This information brought to you by Chris Sheppard of Smith Buckley & Hunt Insurance Agency, your Massachusetts contractors insurance agent and Massachusetts business insurance resource.

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Source: http://www.macontractorsinsurance.com/2012/08/massachusetts-workers-compensation-rate-update/

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