Minimum Threshold for Consolidated Insurance Programs

JIM GIBBONS Governor MENDY K. ELLIOTT Director STATE OF NEVADA ALICE A. MOLASKY-ARMAN Commissioner of Insurance [LOGO] # DEPARTMENT OF BUSINESS AND INDUSTRY DIVISION OF INSURANCE 788 Fairview Drive, Suite 300 Carson City, Nevada 89701-5491 (775) 687-4270 • Fax (775) 687-3937 Website: doi.state.nv.us E-mail: insinfo@doi.state.nv.us Bulletin No. 08-009 June 30, 2008 # MINIMUM THRESHOLD FOR CONSOLIDATED INSURANCE PROGRAMS The eligibility requirements for Consolidated Insurance Programs are defined in chapter 616B of the Nevada Revised Statutes (NRS). NRS 616B.710 sets $150 million as the initial minimum estimated total cost of such a construction project. On June 30th of each year, the Commissioner is required to adjust the minimum estimated total cost of a construction project to reflect the present value of that amount with respect to the “construction cost index.” NRS 616B.710(4)(a) defines the construction cost index as the construction cost index published by Engineering News-Record as a measure of inflation. Effective July 1, 2008, to be eligible for a Consolidated Insurance Program, the minimum estimated total cost of a construction project must be $200 million. ALICE A. MOLASKY-ARMAN Commissioner of Insurance (NSPO Rev. 1-07) 1.1