Time and material: adjusting the terms

Article Abstract:

Property insurers are often forced to resort to costly time-and-material contracts when fulfilling claims obligations. These contracts are necessary in cases where an insurer also provides a policyholder with business interruption insurance and wants to avoid the lengthy bid process. Insurers can avoid the abuses inherent in these agreements by insisting that they payroll only titled, essential construction personnel, by clearly defining services to be performed at the outset, by offering performance incentives and by carefully monitoring the cost of materials and equipment.

GENERAL BUILDING CONTRACTORS, Contracts, Independent contractors

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Time to act

Article Abstract:

Workers' compensation coverage may be eliminated because of increasing costs and large losses for casualty insurers. For example, medical costs under workers' compensation increased 14% per year from 1982 to 1992. Laws limiting rates insurers can charge have also had a significant affect on the viability of the workers' compensation system. Some of the ways to insure the system survives includes improving industrial safety, lowering costs and allowing insurers to increase premium rates.

Finance, Workers' compensation

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