Andrew Woodham, marketing manager of the South Carolina Homebuilders Self Insurers Fund, presented Howard L. Cox an award as the Number One Producer for the Self Insurance Fund.
The award was presented to Cox at the most recent agents advisory council meeting. Woodham said, “Howard was our very first agent and continues to work hard and provide outstanding leadership and service to his clients and our fund. His experience is valuable to our industry.”
Howard is a Certified Insurance Counselor who specializes in risk management for Home Builders.
South Carolina Home Builders Self Insurance Fund has announced the name of the insurance company that will succeed the fund when it converts to a mutual insurance company this summer: South Carolina Home Builders Insurance Group.
The SIF is planning to convert to a mutual insurance company on July 1, 2011, for all new policies. Existing policy holders will have their insurance written by the new company beginning in 2012.
The conversion to a mutual insurance company is intended to make the Home Builders Association’s workers compensation insurance program more competitive.
Accepting the wrong insurance certificate from a subcontractor can be an expensive mistake for a Home Builders. More importantly, allowing a subcontractor to perform work for you until you obtain a valid Certificate of Insurance (COI) also will lead to problems for you and your company.
According to the S.C. Home Builders Self Insurers Fund, a new COI must be requested from each subcontractor at the start of every new job. Jobs for the same type of work but at different locations (different lots) require a new COI for each location unless you have a written contract specifying all multiple locations in the same contract.
In addition, you should not accept an insurance certificate from the subcontractor. Instead, you should receive the COI from the subcontractor’s insurance agent.
If there is any appearance of alteration of Insurance–a different font type, obvious white out and retyping of information–please contact the insurance agent listed on the COI immediately for verification. Keep a record of the person with whom you speak and the date of the conversation.
If you know that the COI you have received is not valid, it is deemed to be insurance fraud and should be reported to the S.C. Attorney General’s office.
You can read more about accepting COIs at the www.HBAofGreenvill.com by clicking here.
If you have any questions, please contact the SIF directly at 800-678-8178.
For the second consecutive year, the S.C. Home Builders Self Insurers Fund (SIF) has announced a premium refund to it members. The SIF is a cooperative fund available exclusively to Home Builders Association members in South Carolina. The premium refund will total $750,000.
The SIF workers’ compensation claims experience continues to be favorable and the Board of Trustess made the decision to refund a portion of premiums paid by members participating in the fund in 2009. Members who participated in the SIF in 2009 for their workers’ compensation insurance needs will receive a refund. The refund will be distributed in August.
The SIF was formed in 1995 under the leadership of the Home Builders Association of South Carolina. The SIF’s purpose is to serve the needs of members of the Home Builders Association in South Carolina. The SIF provides a stable, cost-effective source of workers’ compensation coverage for their members. Over its 15-year history the SIF has fulfilled its mission and remained available to members of the Home Builders Association in South Carolina when other insurance companies have stopped writing workers’ compensation insurance coverage or left the state completely.
SCHBSIF: an exclusive benefit of members of the Home Builders Association of South Carolina.
The S.C. Home Builders Self Insurers Fund announced that is can now accept a surety bond in lieu of the 25% cash deposit currently required. This new program is available to both new and current members of the Fund.
Bond approval is subject to applicant’s credit score and/or financial position. For example: assuming you qualify for the bond, and your 25 percent deposit is $5000, your annual bond premium will be $250. As a result, the cash demanded of the contractor for his or her workers comp insurance will be reduced by $4750.
Contact your SCHBSIF insurance agent for more detail on your specific situation. Search for member insurance agents at www.hbaofgreenville.com.