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        Frequently Asked Questions

        Premium Audit FAQs

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        Premium Audit Frequently Asked Questions

        What is an audit and why are they required?

        Answer: The audit finalizes the policy cost. It takes estimated payroll and converts the policy premiums so they are based on actual payroll. Audits are required by Workers' Compensation law and the obligation is noted in every policy we write.
         

        What is a voluntary audit or mail audit?

        Answer: This is an audit completed by the policyholder using forms that are mailed to them. The policyholder must submit this summary and return it back to us along with payroll-supporting documents to complete the audit endorsement. It is different from a physical audit, which is completed by sending an auditor to the insured's location to complete the process for them in person.
         

        What types of payroll documentation can be used to complete a mail audit?        

        Answer:  We need the insured to complete the audit form and questionnaire, then return it to our office with their Federal 941 forms, state quarterly reports or a detailed payroll summary for the policy period as proof of payroll.
         

        Do we include overtime in the audit, and if so how do we calculate the payroll?  

        Answer:  Yes, we do include overtime in the audit if it is reported. We include two-thirds of the overtime payroll to determine the amount of straight time payroll. The same would hold true with double time. We include half of the double-time payroll to come up with the amount of straight time payroll.

        **Please Note: 100% of overtime payroll is included in the states of PA, DE and NV**
         

        If I have placed coverage with another insurance company am I still required to complete an audit?

        Answer:  Yes, audits are based on expired policies.  Every policyholder is required to complete an audit whether they are still insured by an AmTrust company or not.

         

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