By Kirk Wooldridge, General Manager PER CALIFORNIA EMPLOYMENT LAW the Tahoe Keys Property Owners Association (TKPOA
provides the required California Workers Compensation Insurance that provides coverage to employees who are injured during the course of employment. The TKPOA has seen a reduction in insurance premium cost, which is determined based our Experience Modification Rate that results from the amount and severity of workers compensation claims filed in a 5 to 7 year period. TKPOA has been successful in decreasing the number of claims filed through improved monthly and ongoing safety programs and communication with staff.
• For the June 1st, 2020–May 31st, 2022 renewal period, TKPOA’s Experience Modification rate has decreased 0.06 (0.81 to 0.75) resulting in a 7% decrease in our renewal rates offered by new carrier QBE. • For the June 1st, 2020–May 31st, 2021 renewal period, TKPOA’s Experience Modification rate has decreased by 0.17 (0.98 to 0.81) resulting in a -16% decrease in our renewal premium offered by our current carrier, Benchmark Insurance Company. • For the June 1st, 2019–May 31st, 2020 renewal period, TKPOA’s Experience Modification rate has decreased by 0.23 (1.21 to 0.98) resulting in a 25% decrease in our renewal premium offered by our current carrier, Benchmark Insurance Company.
The TKPOA has been working with Hays Companies–Insurance Broker since 2016 and they have continual delivered on improved coverages at lower costs for our workers compensation package. Hays Companies went out to a total of eight carriers to obtain bids for the 2020–2021 TKPOA’s Workers Compensation Insurance Policy, with Benchmark Insurance remaining the most competitive. Based on working with Hays Companies they have assisted in reviewing and responding to all and any claims, and offer recommendations to improve safe work practices. Operations. Also since 2015 TKPOA staff’s “Work SAFE” Program has consistently keep employees trained monthly on safe work practices. Through these efforts we have been able to collectively save $87,850 dollars since 2015, and achieve the lowest workers compensation expense and MOD Experience rating to date since 2014.
Keys Breeze
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JUNE 2021
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