Our broker informed me that we can save money by increasing our self-insured retention. What is required for a retention increase?
Prior to requesting a retention increase, realize you are putting yourself at more risk, in the event a serious accident occurs. Where you may be saving in premiums now, when a serious accident occurs, you may be putting out more money to cover the injury. Also, you may be required to post additional security due to the retention increase. If you wish to request a retention increase, the following will need to be submitted to the Division for review: • A formal increase request from the self-insured employer with a specified self-insured retention amount; • A current detailed loss run starting with the first year of self-insurance authority until present; • The most recent two years audited financial statements; • Copy of the most recent Table 1 or a listing of class codes and yearly payroll for each class code; and • Current Missouri Only Experience Mod.
