PHYSICAL PREMIUM AUDIT MINIMUM STANDARDS

  1. Attempt to obtain at least monthly figures, provide explanation if different. Follow industries standards of a good audit trail.
  2. Address standard exceptions, with names and invidual remuneration shown separate./li>
  3. Check for overtime pay, misc. labor, sub contract labor and C-125 payroll.
  4. Exposures verified to a second source (e.g. government tax reports) or explained if not available.
  5. Detailed description of operations, justify and explain all classifications used.
  6. Variances in exposure of more than 20% and excess audit time are fully explained and documented.
  7. All owners/officers listed individually providing a thorough description of duties and details on remuneration and classification.
  8. Premium audits will be completed in accordance with special instruction of the customer.
  9. Audits will be completed within the time service requirements of the customer. Any delays will be communicated.
  10. Signature of authorized representative and release form checked and signed.

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