Construction projects involve a lot of moving parts. From start to finish, dozens of subcontractors, vehicles, tools and chemicals may be brought into the fold. Digital project management solutions make it easier to keep these components aligned. However, the different types of risks they introduce are often left unaccounted for.
AIA Revises Insurance and Bonds Requirements Construction Contractors Must Be Aware of 2017 Changes to AIA Contract Documents
The construction insurance industry is constantly changing and the number of available insurance products continues to grow. The result is an increasingly complex insurance market for construction project participants to navigate. In response to these developments, the American Institute of Architects (AIA) undertook an extensive examination of its insurance and bonds requirements for the 2017 update to key AIA contract documents. Working with industry experts on construction insurance, the AIA has put together a comprehensive set of revisions to the insurance and bonding provisions included in its 2017 owner-contractor agreements.
A few insider tips used by workers’ compensation cost control consultants can help employers cut the cost of their insurance. Following are proven methods to reduce the cost of this vital insurance to the absolute minimum.
In recent years, construction workers have incurred the most injuries of any industry in the private sector, according to the Centers for Disease Control and Prevention. Yet, these workers count on being healthy to work and support themselves and their families. In the event that a worker experiences an accident on the job, he or she may not be able to afford the financial setbacks associated with medical bills.
When a contractor defaults on a building project, there are no winners. The company owner lost his livelihood, reputation and future ability to be trusted. The client suddenly finds its investment in dire risk and dozens of subcontracting firms, suppliers and workers are abruptly out of work.
Technology is continuing to change the way we see and interact with the world around us. Being able to multitask on phones, computers and tablets has also changed expectations both on and off the job, especially as it relates to health.
Each year, the Merchants Bonding Company™Leaderboard Program salutes agency partners who have demonstrated surety savvy and collaboration for growth. We salute Wells Fargo Insurance Services USA Inc. of Phoenix, Ariz., for achieving the Drivers Tour of surety professionals. We thank them for the successes we’ve had together and recognize them for sharing our common-sense vision. See our online salute to Wells Fargo Insurance Services USA here. Continue »
Contractors face uncertainty whether claims brought against them for property damage or bodily injury allegedly caused by their faulty workmanship are covered under their standard commercial general liability (CGL) policies.
Each year, the Merchants Bonding Company™Leaderboard Program salutes agency partners who have demonstrated surety savvy and collaboration for growth. We salute Aon Risk Services Central Inc. of Green Bay, WI, for attaining the Champions Tour of surety professionals. Congratulations to Kent Arps, Jeff Meisinger & Brian Krause for surety professionalism in 2013. Merchants has partnered with Aon Risk Services Central Inc. for 23 years. We thank them for the successes we’ve had together and recognize them for sharing our common sense vision. See our online salute to Aon Risk Services Central Inc. of Green Bay, WI, here. Continue »
As designated by the Patient Protection and Affordable Care Act (PPACA), seven major changes in the small group market that take effect in January 2014 (or at the time of a non-grandfathered company’s first renewal in 2014) will have a disproportionately negative impact on subcontractors. Continue »
Each year, the Merchants Bonding Company™Leaderboard Program salutes agency partners who have demonstrated their surety savvy and collaboration for growth. We salute Guy Hurley Blaser & Heuer LLC of Troy, MI, for attaining the Champions Tour of surety professionals. Congratulations to Tom Guy, Paul Hurley, Mike Lechner, and Mark Madden for surety professionalism in 2012. Merchants has partnered with Guy Hurley Blaser & Heuer LLC for over a decade. We thank them for the successes we’ve had together and recognize them for sharing our common sense vision. See our online salute to Guy Hurley Blaser & Heuer LLC of Troy, MI, here. Continue »
Traditionally, each participant in a construction project obtains insurance individually to protect against the risk of financial loss. In recent years, “wrap-up” insurance programs have emerged as an alternative to the traditional method of risk management. In a wrap-up program, the project owner can purchase an insurance policy that will cover the participants involved in the construction project, including the owner, construction manager, general contractors and subcontractors. Typical wrap-up policies provide coverage for workers’ compensation, general liability and builder’s risk; however, program features vary based on the insurance company and the type of project. Continue »