Masonry Magazine January 1967 Page.22
Insurance for Contractors
(Continued from page 21)
Workmen's Comp. General Liability
Executive
Executive
State
Employees Officers Employees Officers
Georgia
300 300 300
300
Hawaii
300
300
300
300
Idaho
300
300
300
300
Illinois
300
300
300
300
Indiana
300
300
300
300
lowa
300
300
300
300
Kansas
300
300
300
300
Kentucky
300
300
300
300
Louisiana
100
100
100
100
Maine
300
300
300
300
Maryland
300
300
300
300
Massachusetts.. 300
300
300
300
Michigan
300
300
300
300
Minnesota
No Limit
100
300
100
Mississippi
300
300
300
300
Missouri
100
100
100
100
Montana
300
300
300
300
Nebraska
300
300
300
300
Nevada
Monopolistic Fund
300
300
New Hampshire
300
300
300
300
New Jersey
300
250
300
250
New Mexico
300
300
300
300
New York
300
300
300
300
North Carolina
300
300
300
300
North Dakota
Monopolistic Fund 300
300
Chio
Monopolistic Fund 300
300
Oklahoma
100
100
100
100
Oregon
No Limit No Limit
300
300
Pennsylvania
No Limit
200
300
300
Rhode Island
300
300
300
300
South Carolina.. 300
300
300
200
South Dakota
300
300
300
300
Tennessee
300
300
300
300
Texas
200
200
200
200
Utah
300
300
300
300
Vermont
300
300
300
300
(payroll):
Virginia
300
300
300
300
Washington
Monopolistic Fund
300
300
West Virginia
Monopolistic Fund
300
300
Wisconsin
No Limit 150
No Limit
150
Wyoming
Monopolistic Fund
300
300
Based upon average weekly wage for total time em ployed during policy period. Part of a week is con sidered a full week in determining weekly average wage.
Since these limitation rules will change from time to time, we suggest checking with your insurance repre sentative before adopting the amounts indicated in this table.
Certificates of insurance, mentioned under a specific heading previously, should be requested and kept on file for the auditor's use. Because you have the respon sibility of providing Workmen's Compensation benefits to any employee of a subcontractor who is uninsured, the company is entitled to a premium charge for such exposure. A certificate of insurance from your subcon tractor is proof of coverage.
Hired Automobile Insurance charges are reduced 95% where a certificate of insurance is available to the auditor as proof of primary insurance. There is no need to pay the full premium when a piece of paper available without charge can all but eliminate a premium at final audit.
Where limits of liability, and consequently premium rates, vary by job, care should be taken to maintain records so that a breakdown is readily available. When this becomes complicated, or particularly when a new insurance carrier assumes the risk, it is most helpful to establish in advance what will be asked for and reach basic agreement about how the records will be maintained.
With introduction of the new policy forms, it is like ly that at least some companies will omit previous definitions of liability premium bases. Feeling that it is important to know how the auditor arrives at his premi um, we restate those definitions:
Receipts:
The gross amount of money charged by the insured for op erations by the insured or by others during the policy or au dit period, including taxes oth er than those collected as a separate item and remitted di rectly to a governmental divi sion.
Cost (contract cost):
The total cost to the insured of all work let or sublet in con nection with each specific pro ject including cost of all labor, materials and equipment fur nished, used or delivered for use in the execution of such work, whether furnished by the owner, contractor or subcon tractor. It includes all fees, al lowances, bonuses or commis sions made, paid or due.
Remuneration
The entire remuneration carned during the policy or audit pe riod by all employees other than chauffeurs or aircraft pilots, subject to applicable overtime and payroll limita tion rules.
Cost of Hire:
The amount incurred for hired automobiles, including entire payroll of each employee of the named insured engaged in operation of such automobiles,
(Continued on page 34)
masonry
Nov./Dec., 1967