Experience MOD
When was the last time your agent verified your experience mod?
We recently verified a new client’s experience mod which showed $38,650 of excess reserves for claims that were closed. This was negatively impacting their MOD and would have cost them an additional $36,129 of premium if we hadn’t have verified their mod and acted accordingly.
Do you know whether the components of your mod are accurate? R&R Insurance Services provides this MOD verification service free-of-charge to our clients. Contact us about our MOD verification and other workers’ compensation services to lower your premiums today!
What is an Experience MOD?
Experience Modification is a multiplier applied to the premium of a qualifying policy and provides an incentive for loss prevention. The mod represents either a credit or debit that is applied to the premium before discounts. If your company's loss experience is more costly on the average than other company's loss experience in your industry, the result is a debit mod, or surcharge, on premiums. If your company's experience is less costly than the industry average, you will receive a credit mod, or discount, on your premium.