9.5% WORKERS' COMPENSATION DISCOUNT TO QUALIFYING MEMBERS

In the first year of our partnership with BrickStreet 360 Discount Program (September 2009) the Home Builders Association of West Virginia, a 'handful' of members responded with information to see if they qualified for the mutually set premium discount rate (7.2%).  Our initial roster was about 20 participating members who were able to save several thousand dollars on their workers' compensation discount rate.  The 7.2% discount rate was calculated on our entire roster of qualifying members who were already subscribers of BrickStreet.

The following year (September 2010) BrickStreet had actual data to use in calculating the experience of the participating members and the discount received was 6.7% - and while less than the prior year - still a good saving.  We are told, however, that all participating associations received a 'cut' (due largely in part to economic conditions creating lower payroll and premiums) but the HBA was the least of all.

Now we are to 2011 and beginning September 1st our 68 participating members are receiving a 9.5% discount on their workers' compensation premiums - the highest of any of the 8 participating association.  And why is that?  Certainly, one determining factor was our group's loss ratio - with the allowable being no higher than 65%.  Our HBA members came in at 10%.  - WOW.  The answer to that good showing is "safety conscience" members - members that have taken advantage of the many safety seminars that have been offered and taken this knowledge back to their worksites.