BENEFIT limits under the Workmen's Compensation Act have not been reviewed since 1995.
Insurers believe that if payouts under the Act are bumped up to be in line with much bigger common law payouts, then costly lawsuits would be discouraged.
The move by the GIA comes amid rising workmen claims which have plunged the already unprofitable business of insuring building firms deeper into the red.
In the last revision to the Act, the work-related death benefit was raised to $111,000 from $78,000 while the cap for permanent incapacity rose to $145,000 from $105,000.
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