Audits for Non-Admitted GL Policies

Premium audits on admitted policies are being conducted by AmTrust at no charge to our insureds.  The information below does not impact admitted policies.

Overland Solutions Inc. will conduct premium and risk management audits for all non-admitted policies at no cost to the insured.  This process will begin with all policies expiring after July 2012.  Insureds will be contact by OSI with a letter followed by a phone-call from the auditor.

Premium & Compliance Audits

All non-admitted policies will require a final premium adjustment based on a final audit.

  • All multi-year policies will be audited once by OSI, at the end of the final year.
  • Audits for policies with a premium of less $25,000 will be conducted via an OSI Telephone Audit.  No mail audits will be allowed.
  • Audits for policies with GL premium of $25,000 or greater will require a physical (on-site)  premium audit.

Audits will include a review of the insured’s gross revenue during the policy period and compliance with certain policy requirements as outlined in the applicable Subcontractor Requirement Endorsement (see form ISC-SRE-00_).

If OSI is unable to conduct the audit as a result of an uncooperative insured, the audit will be completed assuming 150% of the exposure used at policy inception.

Return premiums will be refunded in accordance with applicable policy terms.

Loss Control Audits

Effective August 1st 2012, ISG will begin conducting Loss Control Audits using the attached “Loss Control Survey Form.” The Loss Control Audits will also be performed by OSI.  Audits frequency will be determined using the premium/loss thresholds shown below:

  • Initial evaluation – Any project policy with a premium of $50,000 or greater.  Initial evaluations may include a job-site visit.
  • Ongoing Reviews
    • $50,000 to $100,000 in premium:   Conduct a re-evaluation every other year.
    • $100,001 to $300,000 in premium or any insured with a loss ratio equal to or greater than 60%:  Conduct an annual re-evaluation.
    • $400,000 + in premium:  Conduct a re-evaluation every quarter.

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