Rob Coppola Senior Account Executive – Construction Insurance Practice Group View Bio

CLICK HERE to read the full notice from the NYCIRB.

Effective October 1, 2021

As part of our mission to keep our clients informed, please be aware of the following information regarding the Workers’ Compensation changes effective on policies renewing on or after October 1, 2021:

1. CLICK HERE to view the NYS Workers’ Compensation Construction Class Codes/Loss Costs – Base Rates

2. Average decrease is 1.0% (different per code/classification)

3. The payroll cap has increased from $1450.17 to $1594.57 on policies renewing on or after July 1, 2021

4. The NYS assessment fee has decreased to 11.8%

5. The Territorial Surcharge is still 0%

6. Construction Employment Weekly Payroll Assignments are as follows:

MAXIMUM MINIMUM
Executive Officers, Sole Proprietors and Partners
(Construction Employments)		$1,688.19*$875.00
All other Construction Employees$1,688.19*N/A
Executive Officers (Non-Construction) $2,600.00$875.00
*Applies to policies renewing on or after July 1, 2022