Masonry Magazine June 1965 Page. 29
surance For Contractors
(continued from page 9)
Its broad contract, albeit subject to a deductible, serves to close unforeseen gaps in coverage, and thereby become the nearest thing to an insurance buyer's Errors and Omissions Policy.
EXPERIENCE RATING
Contractors and others, when their premium level at normal manual rates reaches a practical level, become eligible for experience rating; that is, a credit or debit applied to manual rates, dependent upon the ratio of premiums to losses over a given number of years. These rating plans vary a good deal with the kind of coverage involved. However, in principle, they are similar. All are closely scrutinized by state insurance departments, interstate rating authorities and independent rating organizations.
Manual rates contemplate a certain average level of losses and, by mathematical formula, a comparison is made of actual losses reported over roughly three years compared with the expected level. Weights are allowed to minimize the effect of single catastrophe losses so that the candy store owner who reports one serious case does not pay an astronomical premium for eternity. In general, a frequency of claims will count more in experience rating than will severity, but this effect decreases as premium volume increases.
NEXT MONTH
Part VII- Insurance For Contractors
The July issue will cover the section on "Restrospective Rating" and "Automobile Physical Damage". Make sure you read this and all future installments of this valuable presentation.
FORTEX
PAILS
The safe, sure, crush-proof pail.
* Molded in one-piece of reinforced rubber fiber-No seams to split.
* Cannot dent, leak or rust!
* Resists the effects of acids, and caustics.
* Plaster and cement easily removed! Without chipping or scraping
* Available in standard 8, 10, 12 and 18 quart and 10 gallon sizes.
Ask your supplier or write
Sole agents for U. S. and Canada
Fortex Enterprises
4 WHITEHALL STREET
ASONRY June, 1965
NEW YORK, Ν. Υ. 10004
STARK
STRUCTURAL
GLAZED TILE
LOWEST MAINTENANCE SCRATCH RESISTANCE FIRE-PROOF SAFETY. UNEQUALLED DURABILITY INITIAL ECONOMY. PERMANENT COLOR
Only Structural Glazed Tile offers all of these performance, esthetic and economical advantages for wall construction.
Only Stark offers Structural Glazed Tile in such a wide variety of types to satisfy requirements of fire safety, sanitation, economy and design versatility.
NEW FEATHEREDGE COVE BASE...
Eliminates need for recessed floor construction. Stark Featheredge base may be installed after floor construction to accommodate resilient type floor coverings.
STARK
CERAMICS, INC.
CANTON 1, OHIO
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