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Retrospective rating plans calculate the final premium you'll pay after the policy expires based on your organization's actual losses for that period. Your final premium, however, will be within a pre-established minimum and maximum range.

How It Works	You pay the standard premium in full during the policy year. Six months after the policy period and annually thereafter, a "retro" premium is calculated based on your actual losses. We then compare the retro premium to the standard premium you paid to either give you a refund or request an additional premium.
Types of Organizations That Typically Use a Retrospective Plan	Businesses that: want a limited loss-sensitive program. are willing to invest in risk management techniques to lower their losses. have the ability to reasonably predict losses and loss patterns. have the ability to absorb additional costs if losses are worse than anticipated.
Pros and Cons	Adjusts premium up or down but only within a set range. Offers the potential to earn back substantial premium if you have favorable loss experience. Offers the possibility to earn an investment income credit. Ultimate cost is directly affected by risk management efforts. So if losses go up, so does your premium. And vice versa. May result in a premium return one year but an increased premium the next. Paid premiums are generally tax deductible.
What The Hartford Offers	Two types of plans - Incurred loss retrospective rating programin which the premium subject to retrospective rating includes paid and reserved losses. - Paid loss retrospective rating in which the premium subject to retrospective rating includes only paid losses. Loss control professionals...who can help you target exposures and initiate proven techniques to control losses.
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