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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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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