R 408.42 Application for specific risk insurance policy to cover specified construction site.

Rule 12. An applicant may make written application to the agency for permission to obtain a specific risk insurance policy to cover all employers on a specified construction site where the cost of construction will be more than $65,000,000.00 and the contemplated completion period will be 5 years or less. The application must give sufficient detail to specify the location of the proposed construction site, a breakdown of the total cost, and the contemplated completion period for the construction. After considering the application and all supportive data, the agency shall either grant approval or advise the owner of the requirements to be met before approval is granted. The applicant shall be given 30 days from the receipt of the agency’s notice in which to comply with the requirements of the agency. The approval for a specific risk policy is not effective until the agency has received proof that all requirements of the agency for issuance of a specific risk policy to cover a specified construction site have been met. The applicant, at the discretion of the director, may be granted additional time to meet the requirements for approval of a specific risk policy. A request for an extension of time must be made in writing within the 30-day compliance period. If the agency does not receive proof that all requirements for the approval of a specific risk policy for a specified construction site have been met within the time prescribed, then the application is considered withdrawn.