July 25, 2008
FOR IMMEDIATE RELEASE
Contacts: Rick Hanson | 503.373.8727 | richan@saif.com
AGC/SAIF program: Christy Witzke | 503.373.8377 | chrwit@saif.com
Salem, OR – Construction industry businesses participating in the workers' compensation program offered by SAIF Corporation in partnership with Associated General Contractors (AGC) have received a $12.3 million return on last year's insurance premiums, the largest in the plan's 18-year history.
Companies enrolled in the AGC/SAIF Workers' Compensation Program for the 2006-07 plan year earned an estimated total cost savings of over 52 percent. The figure includes all of the elements of the AGC/SAIF program, including up-front discounts, individual account electives, and the retrospective rating returns.
In total, more than $13.3 million – nearly one-third of the total premium paid – is being returned to participating members. The total includes a $12.3 million retrospective rating return, medical reimbursements, and the credit resulting from Department of Consumer and Business Services assessments.
"The retro return is a welcome boon coming at a time when the economy continues to cool, especially in the construction markets," said Colette Evers, AGC's Group Program Manager. "Lower insurance costs enable employers to invest in making their workplaces safer and support the economy."
"The real success story here is that these savings reflect the thousands of Oregon construction workers who went home injury-free day after day as a result of the hard work of all those involved," said Christy Witzke, SAIF's marketing and groups director.
"The strong collaboration between workers, employers, insurance agents, AGC, and SAIF accounts for the continued success of this program," Witzke said.
The return will be distributed in early August to 714 participating members. Members have received more than $106 million in retrospective rating plan returns and an estimated $260 million in total net cost savings since the program's inception in 1991.
The Workers' Compensation Program provides competitive rates, construction industry expertise, and consistent performance. The program, a composite of a retrospective rating plan combined with an up-front discount, has a single evaluation nine months after the close of the plan year.
For more information about the program, contact your independent insurance agent or SAIF at 800.285.8525.
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