Newark, NJ – The Compensation Rating and Inspection Bureau recently announced the launch of the latest product for its stakeholders on its website, the Total Estimated Policy Cost Calculator.
The Calculator uses an algorithm to produce an estimate of the Total Policy Cost, in accordance with the rules in the Bureau’s Manual as illustrated in Part 3, Section 2, Pages 12(a) and 12(b).
The Calculator accepts one-year policies with effective and cancellation dates ranging from January 1, 2019, through today, where the cancellation date must be on or after the effective date.
By default, standard statistical codes required for a New Jersey workers compensation policy are automatically populated in the Calculator and cannot be changed.
To produce an estimate of a Total Policy Cost, the user is required to input additional information, such as the Policy Effective Date, Policy Cancellation Date, Experience Modification for this period, Minimum Premium, Classification Codes and their associated Exposures (Audited Payrolls) or factors for other pricing considerations.
Where applicable, the Calculator will auto-fill information associated with the additional user inputs.
Access the Total Estimated Policy Cost Calculator.
If you have questions, please contact the Bureau’s Actuarial Division through the Bureau’s Workers
Comp Inquiry Portal and select Actuarial Inquiry.