Contract Cost Worksheet
This section of the enrollment process collects additional rates and modifiers needed to calculate the cost of your CIP insurance policy. You will need your company's insurance rate pages from your insurance policy to complete this section.
Workers' Compensation
If your contract is WC & GL or WC Only, the "Workers’ Compensation" page will be the first page of this section. GL Only enrollments will not have this page.
To complete the “Workers’ Compensation” page, you will need your insurance policy’s WC Rate Pages that list the modifiers and the rates applied to your WC insurance policy. Your WC Rate Pages may vary in appearance from the sample below, but your rates and modifiers will be similar to the information in the sample.
WC Premium Modifiers
The Manual Premium that was calculated at the bottom of the “Work Class” page in the “My Company Information” section is carried over to this screen and will display at the top of the “Workers’ Compensation” page.
Use your WC Rate Pages to enter the rates for each of your modifiers. You should list all your modifiers in the same order in which they are listed on your rate pages.
The modifiers listed on the enrollment page are a default setup. If your rate pages do not match the default settings, edit the modifier fields to match your rate pages. If you are unable to edit the modifier names, enter the information in the appropriate fields and the administrator will make any necessary updates when reviewing your information.
As you enter your modifiers and rates, the system calculates the cost of your CIP WC policy and shows the values in the Premium column. Your total WC premium will display underneath the list of modifiers.
If the administrator is collecting your WC Deductible, enter your deductible into the field and click “Continue”.
General Liability
Select or enter the GL Class Code for the work you will be doing. Select the applicable “Rate Basis” and “Rate Per” option, then enter the “Rate”. Use the “Add General Liability” button to add additional GL rates, if necessary. If your administrator has not given you rights to add GL Codes, you will not see this button, and the administrator will make the necessary updates when reviewing your information.
The system will calculate your total GL premium and will display the amount to the right of the GL section.
If the administrator is collecting your Loss Charge and/or GL Deductible, enter the information into the field(s) and click “Continue”.
Other Liability Policies
Continue the same process for any other policies that are requested, such as Excess/Umbrella Liability or Pollution Liability.
Contract Cost Worksheet Summary
When you finish entering the rate information for each policy, click “Continue” to go to the “Contract Cost Worksheet” summary page. Review the information for accuracy, using the “Edit” button to update information as needed.
The premium total from each policy page will be listed and subtotaled. If Profit & Overhead is added, it will be calculated below the subtotal. Your final estimated insurance cost will display on the bottom of the page.
Once you have reviewed the information, click "Continue" to move on to the next section.