West Virginia employers who haven’t made a premium payment for the second half of 2006 to insurer BrickStreet have one last opportunity to retain workers’ compensation coverage.
BrickStreet mailed more than 12,500 notices of cancellation to policyholders who failed to meet the 5 p.m. July 13 deadline for premium payments for the policy period from July 1, 2006 to January 1, 2007.
The notices warned that unless a payment is received by BrickStreet (not postmarked) by the close of business on Tuesday, Aug. 1, the policy is cancelled and the employer will be relegated to the Office of the Insurance Commissioner’s Uninsured Fund.
“BrickStreet and the OIC have worked diligently to contact those employers who missed the July 13 deadline to bring them into compliance,” said President and CEO Gregory A. Burton.
But as of Friday, 3,484 businesses still owed at least $4.6 million in premium payments to BrickStreet. Policyholders have the option of making payments in two installments.
The consequences of a cancelled policy can be severe. Those employers will be placed in the OIC’s Uninsured Fund. The Insurance Commissioner can fine the employer up to $10,000; seek revocation of business licenses and permits; and close the business entirely.
In addition, owners and officers of those companies become personally liable for all workers’ compensation claims, including attorney’s fees, made on behalf of their employees.
Policyholders can contact BrickStreet directly or make payments by credit card through its Web site, Burton noted. “
BrickStreet’s Customer Service Department at 304-926-3470 or 1-866-45BRICK. Credit card payments can be made through BrickStreet’s Web site at BrickStreet.com or through the E-Comp system, or by telephone by calling 1-877-202-8745.
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