What is OCIP deduct?
In an OCIP, the project management company requires the contractor to follow a bid deduct methodology, in which the costs of providing the insurance coverage are deducted from the bid that the contractor makes for the project.
What is OCIP reporting?
OCIP is an alternative insurance coverage program that an owner, in this case, a City department, arranges, procures and manages insurance coverages collectively for all contractors working on a construction project. The working group report provides 64 recommendations about existing and future OCIPs.
What are capped wages Nysif?
For periods in 2019, the capped wages are limited to a maximum of $1,357.11 per week per employee. For periods in 2020, the capped wages are limited to a maximum of $1,401.17 per week per employee. If an employee’s weekly wage is less than either cap, please use the employee’s actual wages.
Is general liability insurance based on payroll?
Cost of General Liability Insurance. Because most general liability policies are based on a rate per $1,000 of gross sales or gross payroll, larger gross sales and/or payrolls will equate to higher premiums.
What does CCIP mean?
Contractor Controlled Insurance Program
A Contractor Controlled Insurance Program (CCIP) is an insurance program that protects the general contractor, its subcontractors and the project owner from third party general and worker’s compensation claims. Also called wrap-up insurance, CCIP’s are controlled by contractors rather than project development owners.
What is insurance coverage bid?
Bid deduct is an owner-controlled insurance program (CIP) feature that deducts costs included in a bid, such as workers’ compensation and general liability, before making the final payout. Bid deducts usually allow companies to realize cost savings by providing their own insurance coverage for contractors in a project.
What are NCCI codes?
NCCI Codes | Index of Codes and Phraseology by State . NCCI codes are four digit codes, produced by the National Council on] Compensation Insurance, used to classify businesses for workers’ compensation insurance. For example, a roofer would be considered NCCI code “5551”. These codes are used to collect data to help insurance companies classify and underwrite businesses for workers
What is NCCI risk ID?
Documentation Reviews.
What is the NCCI class code 8810?
NCCI Class Code 8810. This is the most popular question that we receive about the NCCI Classification Code system. Class Code 8810 is the Administrative/Clerical code that is used in all 50 states, including the monopolistic states. It is usually the least expensive code as employees that fall under the Class Code are considered very low risks