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[Comments on Proposed Addition to FAR]

B-220943 Published: Nov 21, 1985. Publicly Released: Nov 21, 1985.
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Highlights

GAO commented on a proposal to add a Federal Acquisition Regulation (FAR) to the FAR contract cost principles. GAO had no objection to the proposed addition which states that premiums for retroactive or backdated insurance written to cover occurred and known losses are not allowable as costs that may be recovered under government contracts.

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Contract costsFederal regulationsInsurance cost controlInsurance premiumsProcurement regulationsFederal acquisition regulationsGovernment contractsHighway advisory radio