Contractors receive record return on workers' comp premium.PORTLAND, Ore.--(BUSINESS WIRE)--May 16, 1995--Contractors participating in the Liberty Contractors retrospectively ret·ro·spec·tive adj. 1. Looking back on, contemplating, or directed to the past. 2. Looking or directed backward. 3. Applying to or influencing the past; retroactive. 4. rated plan during the Oct. 1, 1993-Sept. 30, 1994, plan year are receiving a 20 percent return on paid premium. This is in addition to the 17 percent up front discount they previously received. Liberty Contractors, formed in 1991, is one of two group workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. plans designed for employers in the construction industry and underwritten by Liberty Northwest Cos. The total net reduction of standard premium (premium after the application of the individual experience modification) is 34.2 percent, the largest reduction in Liberty Northwest's 10-year history with construction industry employer groups employer group Association of employers Managed care An entity with a current group benefits agreement in effect with a health plan to provide covered health care services to its employee-subscribers and eligible dependents. . The return totals approximately $1.3 million, and is being distributed to 213 Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. employers. At a time when premium rates have been lowered by the 1990 legislative reforms and when contractor employers are struggling with heavy production demands and constantly changing labor forces, the group's loss ratio was only 41.3 percent of standard premium. "I am very pleased with the success of this program, but the success didn't happen without plenty of hard work," says Cecelia Shugart, group administrator. "I want to acknowledge the special commitment of the Liberty Contractors Committee members, Liberty Northwest service staff and the hundreds of employers that have made safety and claims management a critical part of their business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets ." "The continued success of Liberty Contractors is dependent on a strong partnership between employers and Liberty Northwest. By working together to accomplish the goal of reducing accidents and their related costs, we share the rewards -- a safe work environment and lower net workers' compensation costs." Liberty Northwest Cos. is the largest private workers' compensation insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. in the Northwest. Based in Portland, Ore., it operates out of 11 offices throughout Oregon and in Idaho, Montana and Washington. Liberty Northwest recently began offering group health and commercial property, auto and liability insurance. In addition, it offers self-insurance services through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Liberty Management Services (formerly Helmsman Management Services Northwest). CONTACT: Liberty Northwest Cos. Cecelia Shugart, 503/239-5800, ext. 1395 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion