Masonry Magazine March 1967 Page. 39
Insurance For Contractors
(Continued from page 8) fully inefficient.
It may at first seem utopian, but feeling that uniformity is a key to solution of these problems and inequities, we have been working toward creation of a set of neat, simple and effective Hold-Harmless Clauses in varying degrees of liability, ranging from the very limited to the very broad. The set would consist of as many separate agreements as are required to satisfy those responsible for protection of the owner, architect, engineer, general contractor and others on the job. The choice remains theirs.
Once established, insurance companies could determine in advance just how to classify these uniform clauses and publish rates required to insure them. Before long, the courts would determine how effective they are, making it possible to modify and improve them as necessary.
We could cite some sample paragraphs, but to dwell on them here would be missing the point. The important thing now is to sell the idea of standardization and its inherent benefits to all parties concerned, on either side of the fence. Satisfactory phraseology can be worked out, since our aim is to cover the complete range of assumed liability, leaving the choice up to the specification writer. Certain large or unusual projects will continue to require special treatment totally removed from the established standard, of course.
Familiarity with a set of uniform clauses is bound to have an important subsidiary effect-lower premiums. Underwriters fear the unknown more than anything, eliminate some of these unknown factors and charges will go down.
The case for uniformity seems to us practical, logical and perhaps, even inevitable.
MAKE SURE YOU KEEP THIS AND ALL FUTURE ISSUES OF MASONRY COVERING THIS IMPORTANT SUBJECT MATTER. FOR A VERY LIMITED TIME ONLY, BACK ISSUES COVERING THE FIRST FOUR INSTALLMENTS ARE AVAILABLE FROM MCAA.
THE AUTHOR
Walter T. Derk is Assistant Vice President of the Fred S. James & Company, national brokerage firm with headquarters in Chicago. He has over 19 years of experience in the casualty insurance field and is one of the leading national speakers on this subject. Mr. Derk has lectured architectural classes at the University of Illinois on the subject of contract specifications and is the author of many comprehensive articles on insurance.
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