Benefits of Safety Groups

Achieving Dividends with Group Accountings

Group accounting services, rendered at year–end for each Lovell safety group, assure group members that the reserves of every case accurately reflect case and loss history. Our experienced professionals apply a proven system of checks and balances that effectively protects employers' interests while maximizing their year–end dividends.

A group member's experience rating can have a dramatic effect on its premium. The experience rating plan excludes the most recent year and is calculated on the prior three years' experience. To ensure that our members are achieving the highest experience rating credit, Lovell evaluates the carrier's reserves of major lost–time cases before submission to the New York Compensation Insurance Rating Board. If the evaluation reveals that there are excessive reserves, our staff negotiates to reduce the amount. This is often the result of favorable case developments.

As a result of Lovell's strong advocacy efforts on behalf of each safety group member, our clients' experience ratings, class code designations and ultimate workers' compensation premiums are effectively managed, and take into account all valid, underlying data.

Watch Our Presentation on Workers' Compensation