Nevada Contractors Insurance, based in Las Vegas, recently expanded its reach into New Mexico, offering workers' compensation coverage to New Mexico contractors under NCI's wholly owned subsidiary Builders Insurance Co., the workers' comp arm of the company.
The firm was started in November 1995 with 12 plumbers and a general contractor who were "fed up" with the workers' comp bureaucracy in Nevada. They became a self-insured group -- the group was liable for any claims generated by the group. Should a member go out of business, the surviving members could be assessed additional funds to pay future claims.