In commercial accounts, retrospective rating is a fairly common concept. A retrospective premium program is exactly what its name suggests: a method to calculate the policyholder’s premiums for liability insurance “retrospectively.”  While the formulae for calculating retro premiums can get pretty involved, the basics are as follows. 

A retrospective premium policy, unlike a standard insurance

My father-in-law (who worked for DeLorean Motors long ago) once told me that success in business was simply a process of accumulating whip marks.  Succeeding in the law is no different.  Here’s a whip mark I got a few months ago, and which you can avoid by always paying your insurance premiums on time