WHAT IS AN AUDIT?
Our General Liability program policy is an Audited policy; this means the initial rate charged to an insured is based on an estimate of participants for their program annually. Participant count is recorded at the beginning of the policy period and a count taken at the end of the policy period. If the participant count turns out to be higher, all additional participants will require an additional audit premium.
- 125 participants at the beginning.
- 200 participants at the end.
- 75 additional participants require an additional premium.