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Workers' Comp Insurers Pay New York State $120 Million Settlement

Four prominent workers' compensation insurance companies settled a lawsuit brought against them by the State of New York. The State alleged that the insurance companies Zurich Financial Services, Ace Ltd., Pennsylvania Manufacturers and CNA charged excess workers' comp surcharges.

The insurance companies claimed that NY Laws conflicted, creating confusion and the alleged excess surcharges. Additional New York State workers' compensation laws have been passed in recent years to eliminate the confusion, but New York State filed a suit seeking money from surcharges accumulated from 2000 to 2008. The parties reached an agreement earlier this month, with the four companies paying out different amounts reaching a sum of $120 million.

The NY Workers' Compensation Industry

The State's workers' comp industry is worth big money - nearly $6 billion each year. Unfortunately, some entities compromise their integrity in order to maximize their profits. In New York, one in six claims is disputed by the insurance carrier, for what could be one of several reasons.

Admittedly, some workers' compensation claims are fraudulent. Sometimes these cases make headlines, where a supposedly disabled person is caught performing hard labor such as landscaping, but not before collecting hundreds of thousands of dollars in workers' compensation benefits.

However, the vast majority of workers' compensation claims have merit. Even so, the most honest claimants may still be subjected to electronic surveillance by a claims adjuster or third-party adjuster. They do not want to pay out big claims unless they have to, and they often put up a fight by denying workers' compensation claims.

Ensure your Claim gets Treated Fairly

New York workers' comp claimants may get their claims wrongfully denied or delayed. A workers' comp attorney can fight to ensure your claim gets treated fairly and expeditiously. A lawyer can also scrutinize other avenues to recovery, such as third-party claims and social security disability insurance.

Source: Seer Press News

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