Effective January 1, 2021 the auditing procedures for owners/officers that are providing direct labor on a commercial construction project will be changing. For the past 10 years, these owners/officers could rely on their exemption with the TN Secretary of State to exclude paying workers' compensation premium on themselves, however, that will change effective January 1, 2021. I anticipate that the workers' compensation premiums for these owners/officers will be increasing as a result. Here is some information provided by TN Department of Commerce & Insurance with the background and additional details about these changes: It has come to the Department’s attention that some…
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As trusted insurance advisors, the team at Thompson & Smith has not missed a day of work since the arrival of COVID-19. Yes, we are “working smart” to make sure we stay well in order to serve you. Our technology structure has allowed for our sales and service staff to work from home. Members of our management team staff our office daily to facilitate the flow of information. While our office is still not open to the public, we will make certain our clients’ needs are met, whatever that requires. You may contact any of our team members by phone…
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Thompson & Smith Insurance is blessed to have so many wonderful clients to whom we provide insurance and risk management services. The COVID-19 pandemic has affected many of our clients across different business sectors including hospitality, retail, manufacturing and healthcare. Many have had to cease business operations and lay off employees. Families across our nation will face financial challenges in the coming weeks. As a community, there are many ways we can assist our neighbors and those in need. One cause we are supporting is the COVID-19 Response Fund established by the West Tennessee Healthcare Foundation. This fund will provide…
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Thompson & Smith Insurance is committed to helping our customers keep a positive work climate by sharing how to effectively respond to Coronavirus Disease 2019 (COVID-19). In our efforts to help you and your employees, the CDC recommends general workplace health and safety information for Employers and Employees. Guidance For Employers Guidance For Employees
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To protect the health and safety of our employees, our physical office location will be closed for customers, vendors and visitors. Premium payments may be placed in our secure mail drop which is located on the north entrance to our building (Entrance A…door says “Staff Only”). We prefer your payments be made by check or money order, if possible. Include your invoice with your payment or provide the policy number or insured’s name on your check for proper processing of your payment. A receipt will be emailed to you. As always, our team will work diligently to address the needs…
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Acord Certificate of Insurance Many businesses rely on certificates of insurance (COIs) to verify coverage for other entities they do business with. In particular the construction industry relies heavily on COIs in their operations. But do all parties fully understand the benefits and potential problems of COIs? Benefits of COIs COIs do contain valid and pertinent information about the policies in effect for the Named Insured. Items such as types of coverage, limits of coverage, effective and expiration dates, agent name and address, names of carriers providing coverage, etc. All this information is useful to the certificate holder,…
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Wrap-ups, also known as OCIP or CCIP (Owner or Contractor Controlled Insurance Program) depending on who is considered the "CIP sponsor" of the project, are an increasingly popular avenue for Owners and/or Contractors to control critical elements of a construction project, including the insurance coverage. (more…)
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A general contractor client asked me this very question. He did ask in jest as we discussed his insurance renewal. However, his point is a valid one. The current standard ISO Commercial General Liability (CGL) policy was put into use in 1986 and was a 9 page form. This current form is on its eighth revision as of April 2013 and now contains 16 pages. (more…)
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Over the past 20 years I have been involved with construction insurance and studied the General Liability policy and how it relates to construction. One thing I have learned is that there is a misconception of the coverage provided by the General Liability policy in regards to Additional Insureds. (more…)
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Over the past 20 years I have been involved with all aspects of construction insurance, including Workers’ Compensation. One frequent question I receive from my clients is the question of why their Experience Modification Rating (EMR) increased, yet they had not suffered any additional losses. (more…)
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