Workers’ compensation insurance needs are based on payroll exposure for the upcoming year. The MBWCF renewal for coverage begins on January 1 of each year with coverage extending through December 31. As a self-insured group, members are asked to provide their best estimate of what the anticipated payroll levels will be for this time period using the Estimated Payroll submission form. Typically, the collection of the estimated payroll information begins in August.

The initial billing of workers’ compensation premium sets the estimated mark for exposure. The estimated payroll data provided by each member will be used in computing the Fund’s level of insurance needs and will be used to produce individual member estimated premium billings once the Fund’s exposure is determined.

At the completion of the fund year, members will be required to provide actual payroll data in the form of an on-site audit (typically during the spring).

Premium Statement:
Estimated premium billings are provided to MBWCF members during November with remittance due by December 2nd.  Upon receipt of payment, the Fund will send each member a Certificate of Liability Insurance as proof of your secured workers’ compensation coverage.

Insurance Bureau regulations prohibit the Fund to extend credit to its members and require the Fund to provide notification of any member’s non-payment of premium twenty (20) days before the effective date of coverage by filing a Notice of Termination of Membership, form BWC-651, with the Bureau.  This process is reversed upon receipt of payment and a Notice of Acceptance of Membership, form BWC-650, is sent by the Fund to the Bureau reinstating coverage on behalf of the previous cancellation, without lapse in coverage.  Depending upon the time frame of this event, the Insurance Bureau may notify the canceled members as a result of this action and will require that the bank/company provide proof of coverage for the upcoming covered period as required by law.  Mailing a copy of the Fund-provided Certificate of Liability Insurance form to the Bureau will be adequate for acknowledgment purposes.