Method Of Calculation Of Credit Or Compensation for Premium Sample Clauses

Method Of Calculation Of Credit Or Compensation for Premium. Subcontractor shall bid the Project ‘net’ of insurance costs due to eligibility for the CCIP. Subcontractor shall exclude the Cost of CCIP Coverages from its bid, and ensure that each Subcontractor of every tier excludes the Cost of CCIP Coverages from their respective bids. The “Costs of CCIP Coverages” is defined as the amount of Subcontractors’ reduction in insurance costs due to eligibility for CCIP Coverages. The Costs of CCIP Coverages includes reduction in insurance premiums, related taxes and assessments, markup on the insurance premiums and losses retained through the use of the self-funded program, self-insured retention, or deductible program. The Cost of CCIP Coverages must include expected losses within any retained risk. Subcontractor must deduct the Cost of CCIP Coverages for all lower tier subcontractors, in addition to its own Cost of CCIP Coverages. Change orders must also be priced to exclude the Cost of CCIP Coverages.
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