Submission and Quote Requirements

1. Submissions

   A complete submission is required for State Fund to quote.

   A complete submission is defined as a submission that provides sufficient information to define the characteristics of the risk, scope of coverage to be provided, and the appropriate price for such coverage. In addition, we may require further information such as past coverage history prior to quoting to determine eligibility for available discounts and rating plans.

   Any submission not entered through BindNow is considered not received by State Fund. Broker of Record letters, if applicable, must be attached to the submission entered through BindNow to be considered received. Submissions are considered received when the Broker electronically submits the application through State Fund’s online submission tool and receives the system identification number and email confirmation.

   Once a submission is received, any subsequent submissions without a Broker of Record letter attached will be immediately closed and the broker will be notified. Any future submissions will need to be re-submitted via BindNow including an attached Broker of Record letter.

   REQUIREMENTS FOR LARGE ACCOUNT SUBMISSIONS ($500,000 Standard Premium and above):

   • Minimum of five (5) years of currently valued loss runs, valued within 100 days of the proposed inception date (effective date) of the policy, on carrier or TPA letterhead
   • Minimum of five (5) years of historical payroll data (‘estimated’ payrolls for unexpired year / ‘audited’ payrolls for prior 4 years)
   • Most recently published WCIRB Experience Modification worksheet
   • For applicants leaving self-insurance: their most recent Actuarial Report (of their self-insured loss experience)
   • A Loss Prevention Pre-Coverage Inspection may be required (if applicable) prior to proceeding with a quote
   
   
2. Submission Date
   

   State Fund accepts submissions up to 90 calendar days prior to the proposed effective date of the policy. Submissions must be made via the BindNow online submission tool. All submissions are subject to the Underwriting Rules set forth by State Fund.

   The Submission Date is determined by when a Broker electronically submits the application through BindNow and receives the system identification number.

   Submissions received on the same day, at the same time, will be considered simultaneous submissions, and a Broker of Record letter will be required from the Employer.

   In the event of a simultaneous submission, the State Fund recognized Broker of Record shall be the Broker who submits the submission and Broker of Record letter. If multiple simultaneous submissions also include Broker of Record letters, State Fund will contact the Employer to determine the Broker of Record for the account.

3. Quotes: Broker of Record
   
   
   1. Quotes Requested 90 Calendar Days to 16 Calendar Days Prior to Inception
      (In the event that the policy has not already bound)
      
      

      If a submission with an attached Broker of Record letter for an account with an established Rating Effective Date is received by State Fund from a Broker other than the first Broker of Record on a submission for quoting, a notification letter will be sent electronically by State Fund to the first Broker. It will be necessary for the insured to provide a rescission letter to State Fund dismissing the second Broker of Record in order for the first Broker to retain Broker of Record status. In the event a rescission letter is not received, the second Broker will be provided with a quote no sooner than 10 calendar days after the date of the letter of notification to the first Broker.
      

   2. Quotes Requested 15 Calendar Days or Less Prior to Inception Date
      (In the event that the policy has not already bound)
      
      

      If a submission with an attached Broker of Record Letter for an account with an established Rating Effective Date is received by State Fund from a Broker other than the first Broker of Record on a submission for quoting, a notification letter will be sent electronically by State Fund to the first Broker and a quote will be released to the second Broker immediately. Even so, it will be necessary for the insured to provide a rescission letter to State Fund dismissing the second Broker of Record in order for the first Broker to be recognized as the Broker of Record.
      

   3. Quotes Requested Less Than 10 Calendar Days Prior to Inception Date
      
      

      If your new submission and Broker of Record letter for an account with an established Rating Effective Date (are received less than 10 calendar days from the proposed effective date, your Broker of Record letter will not be processed and your submission will be closed. After the policy has bound, you may resubmit your Broker of Record letter and it will be processed as a mid-year change.

4. Expired Quotes
   
   

   Once a quote has expired or has been closed on a Broker submission, Broker must provide a new complete submission. Broker cannot use the expired or closed quote to bind the risk.

5. Request to Bind Quotes
   
   

   Quotes can be bound by clicking the “Bind Now” button located on the Quote page in the broker portal. Once bound, Broker will receive a policy number and payment options. State Fund accepts credit and debit cards, e-checks, or you may mail in your payment.