The entire remuneration of each employee shall be included, subject to a maximum of $154,700 per year. When the policy is in force for less than a 12-month period, the maximum payroll amount shall be prorated based upon the number of weeks in the policy period.
Fee-based inspections for insurance, safety or valuation purposes shall be classified as 8720(1), Inspection for Insurance, Safety or Valuation Purposes.
The operations performed by insurance administrators, brokers, agents or adjustors who are not employed by a licensed insurance company shall be assigned to the employer' standard classification or to the applicable Standard Exception classification.
Shown below is the previously published phraseology and footnote | Effective Date |
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Phraseology: The entire remuneration of each employee shall be included, subject to a maximum of $149,500 per year. When the policy is in force for less than a 12-month period, the maximum payroll amount shall be prorated based upon the number of weeks in the policy period. Footnote: Fee-based inspections for insurance, safety or valuation purposes shall be classified as 8720(1), Inspection for Insurance, Safety or Valuation Purposes. The operations performed by insurance administrators, brokers, agents or adjustors who are not employed by a licensed insurance company shall be assigned to the employer' standard classification or to the applicable Standard Exception classification. | 9/1/2022 |
The Classification Search was developed by the WCIRB for your convenience to help you identify Standard Classifications based on keywords or a classification code. However, you cannot rely solely on the Classification Search and must make an independent assessment when determining the appropriate classification(s) assignable to a risk in accordance with the USRP.