Massachusetts Construction Classification Premium Adjustment Program (MCCPAP)!
Presented by Michael Regan
The Massachusetts Construction Classification Premium Adjustment Program (MCCPAP) applies to employers who are eligible for workers compensation experience rating and have exposure in any of the enumerated construction classifications. The MCCPAP may reduce an employer’s workers compensation premium. The calculated credit is applied to all of the employer’s workers compensation classifications.
The basic premise for the credit is that contractors who pay “prevailing” or union wages are at a workers compensation premium disadvantage to those that don’t; even though the work is the same and the exposure the same.
For example, a carpenter in North Adams has the same work exposure as a carpenter in Boston. But, the wages are higher in Boston then in North Adams. The MCCPAP helps to level this variance for Workers Compensation premium purposes. In fact, I have seen credits of over 20% applied to some of our account which is a major cost savings.
A contractor may apply for the MCCPAP at the Massachusetts Workers Compensation Rating bureau website, www.wcribma.org. If a credit is calculated the Bureau will notify the insurance carrier on behalf of the employer and the credit would be automatically applied.
Insurance for Your College Student
Renters Insurance
So you’ve kicked off your kid’s college career with a new laptop and some other expensive high-tech gadgets. Now it’s time to follow up to ensure his or her property is safe in the event of theft, fire or other mishap.
In general, protecting a student’s personal property boils down to a simple rule: If your child is living on campus and going to school full time, your homeowners, renters or condo insurance policy (including liability protection) will cover his or her gear. But if he or she moves off campus, your policy most likely won’t protect his or her assets. Ditto if your students starts taking fewer classes.
Kids who change their permanent home addresses on such legal documents as driver’s licenses or tax returns (say, to qualify for in-state tuition at a public university) are no longer considered official parts of your household. They’ll need their own renters insurance. Students who rent a shared apartment will need insurance, too, but be aware that they might have a tough time getting it. That’s because insurers might not sell a policy to a student unless everyone in the household has his or her own policy, too.
Auto coverage
Congratulations if your college student left the car at home. You might have some savings coming to you. But to get it, your student’s school needs to be at least 100 miles away. If you meet this criterion, give your insurer a call. You’ll generally receive about 10 percent off your premium.
Did your child leave with the car? It is important to call your insurance broker and discuss your options. The insurance carrier could conceivably raise your rates if the vehicle’s moved to a different location.
Interest Rates and Their Effect on Investing
As a result of the prolonged Federal Reserve’s involvement in stimulating the economy, interest rates are and have been at extreme lows. Over the course of the next five to ten years, the Fed is expected to pull back its control in a way which will allow rates to increase, having an inevitable effect on the markets as a whole. As a result, portfolios heavy in bonds may experience poor performance in the market during periods of rising interest rates. When rates in the open market are offering higher credited rates to lenders, investors tend to sell their existing debt, resulting in falling prices. Longer term debt is particularly more sensitive to interest rate risk, and this, as well as debt quality, will all want to be considerations when discussing with clients and/or prospective clients
Likewise, rising rates can have a negative effect on the Consumer Cyclical sector, as the fact that the general public will tend to have less discretionary spending money due to more expensive borrowing and potential price hikes. However, investing in bank equities can be attractive in anticipation of these times, as they are able to finance out at more profitable margins.