Coal Mines Insurance provides employers in the NSW coal industry with workers compensation insurance.
Our premium system
We believe our premium system should be fair and equitable and respond to different levels of risk and claims experience across the NSW coal industry.
Our premium system objectives and principles are:
Each employer contributes their fair share to the Scheme costs
Where practical, rates should match different levels of ‘risk’ so that premiums paid by ‘low-risk’ employers are lower than those paid by ‘high-risk’ employers.
Premium rates reward injury prevention
Premium rates should provide financial incentives for safe behaviour (which prevents injuries). This supports our work in helping employers to be aware of the risks associated with activities and preventing injuries.
Premium rates reward good injury management
Premium rates should provide financial incentive for getting injured workers back to work. By encouraging employers to get involved with injured workers’ rehabilitation, we are helping to reduce both the industry and social impacts of injuries (the impacts on the injured workers’ lives and those of their families and communities ).
Workers compensation premium covers the cost of claims for work-related injuries and other CMI Scheme expenses, provision of statutory services by CS Health, Coal Mines Technical Services and Mines Rescue, reinsurance and NSW District Court contribution
Employers are informed
Employers should understand the cover that their policy provides, the costs involved in providing that cover and any options that might be available.
The Scheme is cost-effective
We must ensure that the Scheme is financially strong and represents value-for-money for employers and can appropriately support injured workers.
System to be as simple as possible
The overall system should represent an appropriate balance between simplicity and the achievement of other objectives i.e. it should not be unnecessarily complicated.
System to be kept up-to-date
The system should evolve if it is seen not to be working effectively or if there are new approaches emerging. We will ensure that the system is reviewed from time to time.