2016-2017 marks the 1st year of the experiential rating program for our membership subscription fees (chapter liability insurance premium). Rather than a flat per-man fee, the RMF added 8 additional factors to incentivize best risk management practices. We also expanded our already existing property experiential rating factors. Overall our chapters and House Corporations received savings (credits) that totaled to $360,000 , most of which should be recurring each year. For liability, 43 chapters saved between 1% and 10%, and 77 chapters saved over 10%! On the property side, 30% of our House Corporations 10% or more, and an additional 43% received a savings of some percentage.
Below are tables that outline the credits and debits assigned for the various factors. As you can see, there is still room for improvement particularly for the chapters who did sign and submit a risk management plan and missed the 3% savings (and also received a 3% increase for not doing so). Another potential manner in which most of our chapter's and house corporations could save considerable dollars would be to consider taking the necessary steps to receive the Alcohol/Substance-Free/3rd Party venue credit which can save a total of 22%.