Understanding Your WSIB’s Rate Framework Premium
You should have now received your Premium Rate Summary Statement from the WSIB for your 2020 premium(s) under the new Rate Framework system. The information provided is very brief, providing you with your Class, your rate and your projected rate. Rate Framework involves determining your unique premium rate that is based on your class (G1 Building construction for most general contractors) and adjusting it based on your cost performance over the past six years.
The detailed explanation of the costs is available on the Claims Detailed Statement and the Premium Rate Extended Statement includes a detailed explanation of how your premium rate was determined. We encourage you to request both documents from the WSIB by calling the call centre at 1 800 387-0750 or make the request at firstname.lastname@example.org. This is vital information to understand your premium and how you can lower it.
OGCA is working with members to better understand the new system and we would like you to share your Premium Rate Extended Statement with us to support our research. Please send your information to David Frame at email@example.com. If you believe your calculations are not correct, please contact David.
You may be surprised at the complexity and details of the new system but it is important that you understand it to better be able to lower your premiums 2021 and beyond.