Industry Code: 69901
This industry covers businesses which provide auctioneering services (the public sale of goods in which the sale is made to the highest bidder) for the sale of household items, art, antiques, etc. These auctions may involve estate sales or inventory liquidations of goods not appropriately classified elsewhere.
Operation Details:
These auctions are usually conducted on a regular basis in much the same manner as a store sale with the difference being that patrons bid on the goods, rather than pay a predetermined price. Auctions may be onsite or conducted from a business location and may have related retail operations.
Auction houses will employ individuals to handle the goods (move goods on the floor, pick up and delivery), administrative staff, and will generally employ an auctioneer on a contract basis.
Underwriting Considerations:
This industry does not cover any repair, refurbishing or reconditioning of the items being auctioned.
Auctioneers may become involved in retail inventory liquidations, whereby consumers purchasing the products do so through a bidding process, rather than paying a predetermined price. However, businesses which operate retail/wholesale liquidation centres, for the sale of products at predetermined prices, are classified in the appropriate retail classification.
This industry does not include auction services related to livestock, mobile equipment, vehicles or other commodities that would be classified elsewhere (NEC). These types of auctions are classified under the appropriate sales classification. For example, businesses engaged in auctioning mobile equipment are classified under industry 62201, those providing vehicle auctions are classified under industry 65600 and livestock auctions are classified under industry 60201.
This industry came under the Act on a compulsory basis effective January 1, 1976.
Industry Custom Pricing: Waiving Cost Relief Option
This industry has chosen to participate in Industry Custom Pricing effective January 1, 2010. Costs related to the aggravation of a pre-existing condition will not be removed from the experience record of employers classified in this industry. In return, the portion of premiums collected to fund retroactive cost relief has been removed from the industry rate, resulting in a reduction in WCB premium rates for the industry.
Premium Rate History:
Activities:
Auctions NEC
Rate Group History:
In 1995, various classifications were consolidated within this rate group in recognition of similar retail sale activities and exposures.
This industry covers businesses which provide auctioneering services (the public sale of goods in which the sale is made to the highest bidder) for the sale of household items, art, antiques, etc. These auctions may involve estate sales or inventory liquidations of goods not appropriately classified elsewhere.
Premium Rate History:
Activities:
Auctions NEC
Operation Details:
These auctions are usually conducted on a regular basis in much the same manner as a store sale with the difference being that patrons bid on the goods, rather than pay a predetermined price. Auctions may be onsite or conducted from a business location and may have related retail operations.
Auction houses will employ individuals to handle the goods (move goods on the floor, pick up and delivery), administrative staff, and will generally employ an auctioneer on a contract basis.
Underwriting Considerations:
This industry does not cover any repair, refurbishing or reconditioning of the items being auctioned.
Auctioneers may become involved in retail inventory liquidations, whereby consumers purchasing the products do so through a bidding process, rather than paying a predetermined price. However, businesses which operate retail/wholesale liquidation centres, for the sale of products at predetermined prices, are classified in the appropriate retail classification.
This industry does not include auction services related to livestock, mobile equipment, vehicles or other commodities that would be classified elsewhere (NEC). These types of auctions are classified under the appropriate sales classification. For example, businesses engaged in auctioning mobile equipment are classified under industry 62201, those providing vehicle auctions are classified under industry 65600 and livestock auctions are classified under industry 60201.
This industry came under the Act on a compulsory basis effective January 1, 1976.
Industry Custom Pricing: Waiving Cost Relief Option
This industry has chosen to participate in Industry Custom Pricing effective January 1, 2010. Costs related to the aggravation of a pre-existing condition will not be removed from the experience record of employers classified in this industry. In return, the portion of premiums collected to fund retroactive cost relief has been removed from the industry rate, resulting in a reduction in WCB premium rates for the industry.
Rate Group History:
In 1995, various classifications were consolidated within this rate group in recognition of similar retail sale activities and exposures.