Case Studies

How a Manufacturing Co. Reduced Their Insurance Costs by Having Their Insurance Premium Audit Reviewed.

Customer:

Truck Body Manufacturer

Situation:

The Manufacturer was concerned that with the expansion of their operation, they were misclassified.

Solution:

The Manufacturer provided payroll records for two prior policy periods. Premium audits were reviewed and it was determined that the classification code was indeed incorrect. Photographs of the Manufacturing operation and a request for classification change were sent to the Texas Department of Insurance (“TDI”). TDI agreed with the requested change. Audits for two prior policy periods were revised. The savings in rate per $100 of payroll was approximately 25%. The Manufacturer recovered 25% of the audited premium for the prior two-year period and reduced future premiums.