The New Mexico Contractors’ Comp Trust is a self-insured group of commercial construction industry businesses who have pooled their resources to handle the workers’ compensation risk of their New Mexico operations. It was created in 2004 and has been carefully grown and managed to control the collective risk in a pro-active and cost-effective manner. After 13 years of prudent operations, the program has demonstrated its ability to develop an excellent alternative to a commercial insurance policy, remain solvent and serve its members for the long-term.
Self-insurance is a unique opportunity to control your own destiny, instead of purchasing a one-size-fits-all commercial insurance policy designed to protect an insurance company. Self-insurance serves its participating businesses by delivering a self-designed package that includes competitive rates, premiere claims handling service and personalized risk management attention. Additionally, participating businesses often realize lower Experience Modifier Rates (EMR’s) and have the unique ability to participate in claim buy-backs, which help each business gain more personal control of their own loss control programs.
When correctly developed, group self-insurance allows each participating business to realize the benefits normally enjoyed by a single, much larger, business – except that the risk is able to be shared by similarly sized and concerned business partners instead of falling on the shoulders of a single business.