The South Carolina Home Builders Self Insurers Fund was named the National Association of Home Builders Associate Member Safety Program of the Year. The award will be presented on February 7 at the International Builders Show in Orlando, Florida.
Your Home Builders Association of Greenville endorses the SIF and recommends it to our members as a source for your Worker’s Compensation Insurance needs.
The Safety Award For Excellence (SAFE) recognizes NAHB member companies, workers, and other individuals for the excellent safety programs that make them leaders in the residential construction industry. The NAHB annually recognizes those who have worked to achieve exemplary safety and health in residential construction. There were more than 40 applicants for SAFE awards in 2011.
The SCHBSIF assists its members in providing safe work places by conducting safety training that is specific to the home building industry. It also provides on-site safety surveys for its more than eight hundred members. These surveys assist home builders and subcontractors in identifying hazards and provide them with recommendations for corrective actions that reduce the potential for injuries in the workplace.
The S.C. Home Builders Self Insurance Fund, a workers comp insurance company that write policies exclusively for members of the Home Builders Association of South Carolina, has announced two moves that will reduce costs for home builders.
The Board of Trustees of the SIF has voted to reduce rates effective January 1, 2011, by an average of 5 percent. All rates will be reduced but the reduction will vary by class code.
In addition, the SIF has reduced minimum premium amounts. Also effective January 1, 2011, the annual minimum premium will be decreased from $1,200 to $900. In addition, the monthly minimum premium payment will no longer be required. The annual minimum premium will still apply.
“All of these changes will help home builders navigate this difficult downturn in the housing market,” Tom Dillard, president of the HBA of Greenville, said.
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.