Agreement to Perform a CompControlSM Review of Workers' Compensation Premiums (Hourly Rate)

  1. Advanced Insurance Management LLC ("A.I.M.") agrees to review Client’s current and prior Workers’ Compensation insurance policies and premiums (collectively referred to as "WC Premiums") to find premium reduction(s), credit(s), premium adjustment(s), overcharges, and/or refund(s) (collectively referred to as "Savings") caused by mistakes in use of classification codes, payroll calculation, Experience Modification Factor computation, and/or other technical factor affecting such premiums. A.I.M. does not guarantee that it will find Savings. All information obtained by AI.M. about Client and Client’s operations shall be treated as confidential information and shall be used by A.I.M. solely in its efforts to produce Workers’ Compensation premium savings. Illinois law governs this agreement.
  2. _____________________________________ ("Client") agrees to provide copies to A.I.M., of insurance policies, audits, and related insurance work papers and to request needed materials from insurance companies, agents, and/or rating bureaus, subject to availability, as well as to provide reasonable information about Client’s operations that affect its WC Premiums. Client authorizes A.I.M. to work with Client’s insurance companies, insurance rating organizations, and insurance regulatory agencies to correct any overcharges A.I.M. finds.
  3. Client may cancel this agreement by providing written notification to A.I.M. at any time.  However, Client is obligated to pay A.I.M. per the terms of this agreement for time spent on Client's review up until the time such cancellation notice is received by A.I.M.
  4. A.I.M. agrees that it will suspend or discontinue its efforts to obtain Savings for Client if Client so instructs A.I.M. in writing.

  5.  Client shall pay A.I.M. as follows:

  1. Client shall pay A.I.M. a fee of $300.00 per hour for time spent by AIM's consultants on the review described above.

  2. Client shall an initial retainer payment to A.I.M. equal to __________ hours of professional time, or $_____________________.  This initial retainer payment shall be credited by AIM against the cost of the review on the first billing statement. 

  3. AIM shall bill client on a monthly basis for time spent on the review.

  4. An overall cost limit of $________________ shall apply to this project, per agreement between Client and A.I.M.  Client shall not be responsible for any charges for this review in excess of this cost limit unless Client and A.I.M. agree to charges for this review that are in excess of the cost limit.

  5. Client shall pay all invoices for this review within 15 days of receipt, subject to all the conditions contained elsewhere in this agreement.  If Client does not pay such invoices within 15 days of receipt, interest charges of .05% per day may be applied by A.I.M. to the outstanding balance as of the 20th day after invoice is received by Client.

 

6.  Client may cancel this review at any time by providing written notice by A.I.M. but Client will be responsible for all charges for professional time spent by A.I.M. on the review up until such notice   from  Client.  Notice may be made by Client by mail, fax, or email to A.I.M.

   7.  A copy hereof received by facsimile transmission and bearing one or more signatures shall be deemed to be an original.

By signing below, the parties acknowledge that they have read and understood the above terms.

Accepted:

_________________________________________________/______________________________
Client Company Executive Officer Signature                                 /   Date

For Advanced Insurance Management LLC_______________________________________

© 2007 Advanced Insurance Management LLC