Worker's Comp Policy

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Description

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Named Insured

Legal name of the individual, company, or entity covered by the policy.

Named Insured Address

Mailing address of the insured, including street, city, state, and ZIP code.

Policy Effective Date

Start date of the Workers Compensation policy coverage period.

Policy Expiration Date

End date of the policy coverage period.

Policy Number

Unique identifier assigned to the Workers Compensation policy.

Insurer Name

Insurance carrier issuing the Workers Compensation policy.

A.M. Best Rating

Financial strength rating of the insurer at the time of issuance.

Insurer Status

Indicates whether the insurer is admitted or non-admitted in the state of coverage.

Coverage Type

Specifies the statutory Workers Compensation coverage (e.g., Workers Compensation, Employers Liability).

Employers Liability Limits

Includes per accident, per employee (disease), and policy aggregate limits.

States Covered

List of states where the Workers Compensation policy provides coverage.

Total Policy Premium

The annual premium amount charged for Workers Compensation coverage (excluding taxes and fees).

Classification Code(s)

NCCI or state-specific classification codes assigned to job roles.

Classification Description

Job descriptions or business operations corresponding to each classification code.

Estimated Annual Remuneration

Projected payroll for each class code, used to calculate premiums.

Rate

Rate per $100 of payroll applied to each class code.

Premium

Estimated premium per class code based on payroll and rate.

Forms & Endorsements

List of policy forms and endorsements included in the policy.

Waiver of Subrogation

Indicates whether a blanket or specific waiver of subrogation is included.

Installment Plan

Billing structure selected by the policyholder (e.g., annual, quarterly, monthly).

Taxes, Fees, and Surcharges

Breakdown of broker fees, state assessments, and other applicable charges.

A workers compensation policy provides statutory coverage for employee injuries and employer liability while capturing essential policyholder and insurer details. Key data includes the named insured, address, policy number, effective and expiration dates, insurer information, A.M. Best rating, and insurer status.

Feathery’s AI extracts coverage details such as workers compensation and employers liability limits, including per accident, per employee (disease), and aggregate limits, along with the states covered. Premium and classification information is also pulled, including classification codes and descriptions, estimated payroll, applied rates, and calculated premiums. The system further captures endorsements, waivers of subrogation, billing terms, and applicable taxes or surcharges. Automating this process streamlines policy review, ensures accuracy, and expedites underwriting for workers compensation coverage.

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ACORD 25

ACORD 26

ACORD 27

Worker's Comp Quote

Worker's Comp Application