Class code 3724 is used for employees of the insured who engage in work off the insured’s premises. This code is considered a “not otherwise classified” code and should be applied to contractors specializing in the erection or repair of heavy machinery or equipment at their customers’ locations. Code 3724 also includes contractors who install or repair electrical apparatuses, such as heavy motors, generators, and power switchboard equipment, at customers’ locations. In addition, the scope of this classification also includes the installation of overhead garage doors when completed by a specialty contractor. The installation of acetylene gas machines, conveyor systems, gas benches and retorts, grates in steam boilers, leather beltings, installation of gas station tanks, automatic car washing equipment and the erection of temporary floodlights also would be included.
While Code 3724 can be applied to the installation of substation equipment in addition to central station equipment, it does not apply to the erection of poles, stringing of wires, installation of transformers on poles or on the outside of buildings, or the making of service connections. In addition, operations such as steam boiler installation and repair, elevator erection and repair, oil still erection and repair, and electric light or powers company employees are also excluded and should be otherwise classified.
Florida Rates for Class Code 3724
Each workers' compensation class code in Florida has a unique rate assigned to it based on the likelihood of workplace injuries for the group of employees throughout the state that are assigned to that class code. Click this link for more information about the ratemaking process. The rates used in Florida workers comp insurance were increased in 2014 by an average of 6.1% by the Florida Office of Insurance Regulation.
For class code 3724, this rate change resulted in a 9.4% decrease from 2013 to 2014. The 2014 rate for this classification is 5.53 dollars for every 100 dollars of remuneration. With the decrease in rates this year, the 2014 rate is 60% below the 2003 rate of 15.11 dollars.
Despite the manual rates being set by the Florida government for workers comp class codes, there are still ways that employers can lower their overall workers compensation costs and total premium. Our insurance agents would like the opportunity to discuss these premium discounts and other cost savings measures with your business. Contact us today to receive competitive quotes for your business.