To enjoy the benefits of CAMComp’s well-managed and affordable plan, your company will need to be approved by the plan administrator.
See if you qualify for CAMComp workers’ compensation insurance coverage:
First, your company must be a member in good standing with one of the following trade associations:
- Builders Exchange of Grand Rapids & Western Michigan
- Builders Exchange of the Kalamazoo Area
- Construction Association of Michigan (CAM)
- Washtenaw Contractors Association
If you are not a member, contact us and we can help you join.
The Trustees must deem the company to be acceptable and financially sound. How do we do that? You should have a current ratio of at least 1 to 1 (current assets at least equal to current liabilities), and positive net worth.
It must be established that the company is a contractor or a subcontractor, or is a supplier of materials for the construction industry and derive 80% or more of its income directly from within the construction industry. Each supplier participant shall stipulate in writing that it meets this test. Your company shall have an experience modification rate of 1.10 or lower.
You’ll need to regularly employ on a permanent basis three (3) or more employees at one time. The partners, officers or stockholders are not included in this eligibility requirement in determining qualification in the plan.
Must also supply at minimum:
- Five (5) years Loss History
- Five (5) years Payroll Experience
- Two (2) years Financial Statement
$750 minimum premium applies.
The Plan Administrator may approve an applicant who meets the criteria. Any applicant for coverage that does not satisfy the criteria relating to minimum and/or experience of five (5) years may be admitted to participation only upon approval by the trustees, which approval may be subject to review by the bureau and by the excess insurance carrier.
Have questions about how to qualify? Call 586-790-7810.