Not me, I once had the DOI come into my office because a client of mine increased his business very fast and didnt report the correct amount on his monthly self audit. The insured suffered a very large increase in premium at audit. Auditing dept reffered to their SIU dept and I had to explain that I reported what was given to me. The officer was not playing around, DO NOT EVER REPORT LOWER PAYROLL OR PURPOSELY PROVIDE ANY INFORMATION THAT REDUCES THE UPFRONT PREMIUM FOR YOUR CLIENTS. YOU WILL BE ARRESTED! THEY ARE VERY SERIOUS ABOUT THIS IN FLORIDA.
really really low-balled the payroll on a PA contractor account going in. The insured got hit with a $250,000 additional premium at audit. Needless to say, that ended up being a gigantic hassle. It does not make any sense to lie about premium exposures.
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Rhetorical question….how many insurance agents and clients have lied about WC payrolls and exposures to loss over the past 35 years?
Not me, I once had the DOI come into my office because a client of mine increased his business very fast and didnt report the correct amount on his monthly self audit. The insured suffered a very large increase in premium at audit. Auditing dept reffered to their SIU dept and I had to explain that I reported what was given to me. The officer was not playing around, DO NOT EVER REPORT LOWER PAYROLL OR PURPOSELY PROVIDE ANY INFORMATION THAT REDUCES THE UPFRONT PREMIUM FOR YOUR CLIENTS. YOU WILL BE ARRESTED! THEY ARE VERY SERIOUS ABOUT THIS IN FLORIDA.
really really low-balled the payroll on a PA contractor account going in. The insured got hit with a $250,000 additional premium at audit. Needless to say, that ended up being a gigantic hassle. It does not make any sense to lie about premium exposures.