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How to use or fill out Illinois Contractors Credit Application Form with DocHub

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Click ‘Get Form’ to open the Illinois Contractors Credit Application in our editor.
Begin by filling in the 'Named Insured and Address' section. Ensure that all details are accurate to avoid processing delays.
Next, enter the 'Policy Number', 'Effective Date', and 'Mailing Date'. This information is crucial for identifying your application.
Indicate whether this is a new business by selecting 'Yes' or 'No'. Depending on your answer, provide payroll information for the appropriate calendar quarter.
For each contracting classification, report the total Illinois wages paid and total hours worked. Be sure to exclude overtime pay as specified.
Finally, sign and date the application at the bottom. This step is essential for processing your request.

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What is a contractors credit?

The Contractors Premium Adjustment Program provides a premium credit for construction industry employers who pay high hourly wages. It applies only to the construction class codes--it does not apply to office workers or other non-construction employees.

What is Premium Credit direct debit?

Using our preferred provider, Premium Credit Limited (PCL), you have the option of setting up a Direct Debit facility. This means that you pay a deposit (if applicable) and pay the balance of your premium over equal monthly instalments.

Who owns premium credit?

TowerBrook Capital Partners (\u201cTowerBrook\u201d), the London and New York-based international investment firm, has announced that it will acquire Premium Credit Limited from Cinven, the international private equity firm, in a transaction to be completed later this year.

What is a CPAP credit?

The Contracting Classification Premium Adjustment Program (CPAP) is a discount program that can reduce the amount that an a construction company pays in workers compensation insurance premiums. It was designed to help offset the higher workers compensation costs for union based shops who pay a higher wage rate.

What is a contractors credit?

The Contractors Premium Adjustment Program provides a premium credit for construction industry employers who pay high hourly wages. It applies only to the construction class codes--it does not apply to office workers or other non-construction employees.

What is the New York construction classification premium adjustment program?

General Description The New York Construction Classification Premium Adjustment Program (NYCCPAP) addresses the premium differences between high wage and low wage paying employers having similar construction operations.

What is the contracting classification premium credit application?

The CCPAP was developed to provide a premium credit for employers in the contracting and construction industry who pay their employees higher than average wages. The CCPAP discount is calculated using the hourly rate of employees who are classified within the construction industry's contracting class codes.

What is premium credit used for?

Premium finance is a convenient way to pay for your business insurance. Rather than having to find a large sum up front, you can spread the cost by paying in smaller monthly instalments.

Illinois contractors credit application form 2025

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