Good Claims Experience
This tiered discount is available to IIAI member agencies at each Westport policy anniversary as long as the agency doesn't have a "chargeable" claim. Available beginning the third year of continuous coverage at 10%, then 15% the fourth year, and 20% for the fifth year and after.
Definition of a "Chargeable" Claim
A chargeable claim is defined as an E&O claim for which any expense payment, any loss payment, or any loss reserve is made or established by or on behalf of the insured in excess of the following values based on GAP size. Payments made by you within your deductible don't count. (GAP = Gross Annual Premium, which is calculated as P&C premium volume for last 12 months plus L&H commissions for last 12 months)
Minimum Gross Annual Premium
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Minimum Loss to Lose Credit
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$1.00 - next level
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$10,000
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$5,000,000 - next level
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$15,000
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$10,000,000 - next level
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$20,000
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$25,000,000 - next level
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$25,000
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$50,000,000 - next level
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$30,000
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$75,000,000 - next level
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$35,000
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$100,000,000+
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$40,000
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