Nevada Contractors Insurance has expanded its operations to offer workers’ compensation to contractors in New Mexico. The company, which is Nevada’s second largest insurer for workers’ comp insurance, began as a self-insured group in 1995 and grew to become the largest such group in the state.
In 2000, the self-insured group was merged with a newly formed Nevada captive insurance company, Nevada Contractors Insurance Company, Inc., to become a fully insured plan. The move released the self-insured group members from joint & several liability concerns.
“We chose New Mexico as the first state outside Nevada to offer coverage because the area is very similar to Nevada,” Pat Gallagher, owner of Gallagher Plumbing and chairman of Nevada Contractors Insurance, remarked. “They do the same kind of construction we do here, and most of the building is happening in two major metropolitan areas.”
Gallagher said the company hopes to duplicate the success it enjoys in Nevada. In the last two years, Nevada Contractors Insurance has added over 200 insureds, and began offering general liability coverage in addition to workers’ comp.
Coverage in New Mexico is being offered through Builders Insurance Company, Inc., a Nevada domestic insurer wholly owned by Nevada Contractors Insurance Company, Inc., and Benchmark, an A+ insurer licensed in all 50 states.
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