Posted on 3/31/2017 8:40 AM By Parker Rains
Many business executives believe insurance brokers have control over the quotes they provide, but that’s not the case. Insurance carriers control the price, and they provide the best rates to companies that proactively manage their risk. The less risky a contractor appears, the fewer claims it’s likely to have and the “safer” the company looks. Therefore, the lower the premium they are likely to get.
Here are three ways general contractors can mitigate risk and make their companies more desirable to insurance carriers.
Posted on 3/30/2017 12:08 PM By Anthony Kammas
Construction companies rarely consider that they may end up in court for performing work that damaged the environment, but it happens more frequently than contractors may think.
The U.S. Environmental Protection Agency (EPA) has determined that construction contractors have a significantly high potential for contributing to environmental damages. The agency considers general contractors, subcontractors, engineers and architects as suspect when it comes to environmental pollution and the resulting damages pollution causes. Yet, some contractors do not recognize the significant risk of environmental claims.
Posted on 3/30/2017 11:06 AM By Don Berry
Nine experts offer advice on what contractors need to know about obtaining additional insured coverage, how to keep from overextending in the potential burst of construction activity under the Trump administration, insights on contractors purchasing surety bonds directly, trends in owner expectations for design-build projects and the benefits of the surety bonding prequalification process.
Posted on 3/30/2017 8:18 AM By David S. Lynch, Teia Moore Kelly
Commercial contracts in the construction industry generally contain indemnity provisions in which one party (the indemnitor) agrees to assume the liability of the other party (the indemnitee) as a result of personal injury or property damage. Historically, one party indemnifies the other regardless of fault—meaning the indemnitor assumes liability for all damage to its own property and people, regardless of who caused the damage. To the extent allowed under state law, this obligation also can include indemnity for damage caused by the sole negligence of the indemnitee.
Posted on 3/28/2017 9:11 AM By Jeffrey Cavignac, James P. Schabarum, Patrick Casinelli
The insurance industry’s surplus is currently at an all-time high—increasing nearly 50 percent in the last seven years—which means rates have begun to decline. Although most underwriters are trying to hold the line on rate, it is anticipated that pricing on preferred accounts will continue its modest downward trend.
Posted on 11/30/2016 8:02 AM By Raymond Bustamante
Protective E&O is an essential insurance policy where perceived concerns about the amount and adequacy of the design firm’s professional liability insurance can be questioned in relationship to the complexity and size of the project. Brokers and insureds need to be aware of several seemingly innocuous clauses contained in many of these policies.
Posted on 11/2/2016 7:26 PM By Joanna Masterson
We could have the best programs in place, but if our employees can’t navigate the plan, it hurts them and our bottom line. Our internal benefits team provides education, claim assistance and even billing negotiations.
Posted on 9/27/2016 7:43 AM By Jim Hardman
Construction leaders should evaluate the medical and non-medical benefits they offer and spend some quality time with their workforce to get clarity on desired benefits choices. Enrollment season is not far away, making it a great time to reassess the company’s benefits package, fill any benefits gaps, and educate the workforce to ultimately increase loyalty and commitment and create happy and productive employees.
Posted on 8/24/2016 12:11 PM By Lauren Pinch
In the following Q&A Travelers offers insight on recruiting qualified commercial drivers and integrating them into a company’s safety culture, as well as the impact of telematics on construction fleets and the insurance products needed to limit financial liability.
Posted on 7/26/2016 12:17 PM By Joanna Masterson
In the construction industry, strains and sprains were the most frequently reported injury (28 percent of the total), and they caused workers to miss an average of 57 workdays.