1% Surcharge on All Workers’ Comp Policies in Florida Starts 1/1/20
Under an order by the Florida Office of Insurance Regulation, all new and renewal workers’ comp policies issued in Florida during calendar year 2020 will have a 1% surcharge added to the policy premium. The policy surcharge is being levied by the Florida Workers’ Compensation Insurance Guarantee Association (“FWCIGA”), the statutory association which pays claims for policyholders whose workers’ comp carrier becomes insolvent. The 1% surcharge is primarily due to the claims associated with the 2017 insolvency of Guarantee Insurance Company.
To be prepared for this surcharge and obtain solutions to offset the cost, contact our team of professionals today.