Underwriting

Underwriting Team

KRFSIF has a dedicated underwriting team with over 15 years combined experience in order to provide careful evaluation of new and existing members. It is important to have the integrity of underwriting present for the longevity of the KRFSIF program. Underwriting is a continuous and critically important part of KRFSIF management. The KRFSIF underwriting team understands the demands the retail and service industry operations must meet on a daily basis and will respond with a high sense of urgency.

Underwriting Guidelines

• Operations must engage in retail trade or related business. Excluded operations include, but are not limited to: Agricultural, Blasting, Heavy Construction, Drilling, Hazardous Waste Operations, Restaurant Delivery, Roofing and Trucking. (Please see class codes list for further information.)
• The prior three year’s average loss ratio should be 64% or less.
• Mod must be under 1.25.
• Preferably in operation for at least five years but will consider quoting new business with approved class code and extensive management experience.
• Applications not meeting the underwriting criteria may be approved by KRFSIF and the excess carrier.
• In order to receive coverage with KRFSIF, the employer company must be a member in good standing of the Kentucky Retail Federation. Quotes may be provided prior to the employers joining the Federation. However, in order for the Fund to write coverage, the company must join the Federation.

Underwriting Specifications

• Completed, signed application
• Copies of the last 4 years annual payroll audits or UI-3 form or 941s for the last 4 years if no NCCI Experience Mod Worksheet is available.
• A copy of the current NCCI Experience Mod Worksheet or the equivalent.
• Latest 3 year loss runs valued within 6 months of proposed effective date.
• Employee Concentration Supplemental Application. Provide number of employees by location, if more than 200 employees at one location.
• Company narrative or brochure

Writing the Right Class

As part of KRFSIF’s ongoing process to ensure quality and competitiveness within the market, we have recently re-evaluated our rate structure. Following is a comprehensive list of the approval codes that the Fund can bind workers’ comp coverage for.