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 3/31/2017 6:24 AM By Brenda K. Radmacher and Eden Gillott Bowe
Builders and developers can’t escape scrutiny when confronted with government investigations, workplace accidents, dissatisfied customers and employee complaints.
Reputation in the construction field is a crucial business quality. It’s paramount to ensure a sufficient risk management strategy is in place, and enhanced media exposure means non-traditional risk management actions are needed to prepare for and respond to challenges.
Posted on 3/30/2017 12:30 PM By Maggie Murphy
A new SmartMarket Report from Dodge Data & Analytics, “Managing Risk in the Construction Industry,” reveals essential intelligence on the risks faced by building owners, general contractors and trade contractors and the benefits achieved from specific risk evaluation and mitigation practices.
The study demonstrates how collaboration between building owners, general contractors and subcontractors can aid in keeping construction project costs under control, result in a timely delivery and enhance the safety environment.
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 3/6/2017 6:28 PM By Tony Wernke
Considering its inherent complexity, enterprise-wide scope and financial significance, strategic risk is an executive-level issue at its core. It’s so vital that five of the world’s leading finance and accounting organizations developed a consortium to build an integrated framework for enterprise risk-related decision-making.
Posted on 3/6/2017 2:54 PM By Scott Rasor
Whether operating dump trucks or pickup trucks, most companies with a fleet of more than 25 vehicles have at least entertained the idea of installing telematics devices to help reduce operational costs and improve safety. However, many companies are not realizing the potential risk-reduction benefit because they are not focused on the appropriate measures to improve driver behaviors, especially hard braking.
Posted on 1/27/2017 10:33 AM By Maggie Murphy
Twenty-three workers were killed in trench collapses in 2016, according to OSHA, compared to 11 in 2015. Trench collapses are rarely survivable, as 1 cubic yard of soil can weigh up to 3,000 pounds.
Posted on 1/24/2017 7:57 PM By Pete Miller
Safeguarding assets from fraud is an important objective for every company. It will take an all-hands-on-deck approach to be successful, and it starts at the top.
Posted on 11/30/2016 8:15 AM By Dave Wagner
Modern building and infrastructure projects generate a lot of data, and it’s only going to keep growing. In 2004, a large project generated roughly 100 gigabytes of data; today, that stat has risen to 6.5 terabytes of data. Because building and infrastructure projects live and die by project information, many risks are associated with properly managing it.