Yes, although every situation is unique, we have been stable and predictable year after year, and we offer competitive premium discounts.
Participants can be involved in the management of their claims, picking their deductible amount and maintaining controls that could lower their E-MOD.
Buy Backs, or cost reimbursements, allow Participants to pick selected costs to reimburse, that reduce the total cost of claims used in their E-MOD calculations. We review each Participant’s loss history and advise each Participant about claims’ cost Buyback options which may result in a lower E-MOD.
The internal Safety Advisory Committee is a key component of this program. Participants meet regularly to exchange ideas and learn about different safety topics. In addition, each partnering association has resources available to member businesses.
Local claims management where Participants can team-up with the adjuster who is handling their claims and help minimize the ultimate cost of claims by developing effective strategies, such as return-to-work programs.
The program has been developed under the diligent oversight of Trustees who are Participating business owners. The program is subjected to financial and operational oversight by the NM Workers’ Compensation Administration. Additionally, there are regular audits and reviews by the NM WCA Audit Bureau, independent CPA’s and an independent Actuary. The ultimate goal of a self-insured program is to control losses at the highest quality and lowest cost. This allows Participants (owners) to pay the lowest premiums to cover their collective losses and operating cost.
Each of our participating businesses has the opportunity to stay involved in management of their own losses. NMCCT teams with the best NM TPA firm focused on developing and maintaining stringent and pro-active practices for providing timely and accurate benefits to injured workers without succumbing to fraudulent and wasteful claims
Typically, your insurance agent will contact us to request information about the program or a quote. We also work directly with business owners, if that is their preferred method for application. All prospective applicants must qualify as commercial construction industry businesses. After that, there are a few pre-defined qualifiers related to the size of the business, the current experience modifier and loss history, financial strength, the willingness to accept common standards of workplace safety and willingness to cooperate with the established practices of effective return-to-work and diligent risk management.
Yes. After thirteen+ years of practice, we have effectively reduced the overall cost of premiums for Participants. Our structure is not one of “profit-making” but instead one of acting as a not-for-profit association. So, when all Participants help maintain a collective lower cost pool, less premiums need to be collected to handle those costs. Plain and simple.
The program is designed to pool resources of participating businesses for the pure objective of handling claims costs and operating the program. Self-insurance inherently bears the obligation to cover all costs. So, the intent is to collect enough premiums to cover obligations and not more. When there are any excess premiums collected, and sufficient time has passed to indicate all losses and operations are covered, there may be excess funds available for return to Participants. The return of excess funds is referred to as “Dividends” and will ultimately be returned to Participants.
Yes, we work with most local insurance agents to help simplify the administrative efforts you would otherwise have to deal with.