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Despite record low unemployment, you finally hired one – a diamond in the ruff. After a 16-hour shift on-the-road, his only question at the end of the day was, “What’s next?” Things are going so smoothly, but then a call from your insurance agent, “The insurance company is hammering me. That new driver you hired has a DUI. They’re asking you to put him in a non-driving capacity or they're going to reevaluate your insurance program.” Thankfully, for commercial insureds, there are solutions to the problem – prevention and alternative insurance options.
The U.S. departments of Labor, Health and Human Services and the Treasury issued a final rule on June 13 that expands the usability of health reimbursement arrangements (HRAs). The rule is effective for plan years beginning on and after Jan. 1, 2020. This final rule was issued in response to a 2017 executive order directing federal agencies to expand access to HRAs. Under the current regulations, HRAs cannot reimburse employees for the cost of individual health coverage.
Posts on the Wisconsin Contractor Blog were read more than 48,500 times in 2018, according to a review of website statistics by ABC of Wisconsin. Throughout the year, ABC of Wisconsin uses the blog to present feature stories, analysis, advice and general information of interest to the construction industry.. Here’s a recap of our 10 most popular blogs in 2018.
The Internal Revenue Service announced the 2019 inflation adjustments for High Deductible Health Plans (HDHPs) and Health Savings Accounts (HSAs). These adjustments include maximum HSA contributions, minimum deductible amounts and maximum out-of-pocket limits.
Almost all businesses enter into numerous contractual agreements each year. These agreements are often given the same cursory review as an iTunes Agreement. Failure to closely scrutinize the details of these agreements can adversely impact the business’s total cost of risk in the event of a problem. The provision within the contract that impacts the business’ cost of risk more so than any other, especially in construction, is the Indemnification Agreement.
Contractual risk transfer is a critical component of effective risk management, but whether one is transferring the risk or assuming it, the exposure needs to be understood as not all indemnification clauses are covered under your insurance contract.
A few weeks back, my daughter treated me to tickets for an Anderson East concert at the Majestic Theatre in Madison (By the way, he puts on a great show.) During the second set, he covered one of my favorite old tunes by Sam & Dave, “Hold On, I’m Coming.” He then immediately transitioned into his hit “All On My Mind.” OK, you’re thinking, "What in the world does this have to do with construction contract management?" Well, it has to do with the transition of time and the evolution of risk transfer.