Miscellaneous Values
Assigned Risk Mandatory Loss Sensitive Rating Plan (LSRP)
| Factors used to calculate the LSRP | |||
|---|---|---|---|
| Basic premium factor | 0.300 | LSRP development factors: | |
| Loss conversion factor | 1.125 | First adjustment | 0.17 |
| Tax multiplier | 1.028 | Second adjustment | 0.03 |
| Third adjustment | 0.00 | ||
| Minimum premium factor: | Maximum premium factor: | ||
| Not certified in MIMP. Premium $250,000 and greater. | 0.750 | Premium $250,000 & greater 1.75 | |
| Business certified in MIMIP. Premium $250,000 and greater. | 0.650 | ||
| LSRP factors | |
Basis of premium applicable in accordance with the footnote instructions for Code 7370 — Taxicab Co.: |
|
|
Employee-operated vehicles |
$72,900 |
|
Leased or rented vehicles |
$48,600 |
Expense constant applicable in accordance with Basic Manual Rule 3-A-11 |
$250 |
Minimum Annual payroll per volunteer firefighter |
$1,100 |
Maximum payroll applicable in accordance with the Basic Manual footnote instructions for: Code 9178: Athletic sports or park: non-contact sports, |
$900 |
| Premium determination for executive officers, members of limited liability companies, partners, and sole proprietors in accordance with Basic Manual Rule 2-E | $43,800 |
| Terrorism Risk Insurance Act—certified losses |
0.013 |
| U.S. Longshore and Harbor Workers' Compensation coverage percentage applicable only in connection with Basic Manual Rule 3-A-4 |
85% |
(Multiply a non-F classification rate by a factor of 1.85 to adjust for differences in benefits and loss-based expenses.) |
|
Experience rating eligibility
A risk is eligible for intrastate experience rating when the payrolls or other exposures developed in the last year or last two years of the experience period produced a premium of at least $7,000. If more than two years, an average annual premium of at least $3,500 is required. Page A-1 of the Experience Rating Plan Manual should be referenced for the latest approved eligibility amounts by state.