Stricter governmental regulations coupled with the challenges associated with costly cleanups have not only placed more emphasis on risk management, but also the methods for protecting assets under catastrophic conditions. Continue »
Owners and contractors often shift risk by requiring contractors and subcontractors to name them as additional insureds (AI) on commercial general liability (CGL) policies. Continue »
State laws often require contractors to obtain a license bond and/or contract-specific bonds, as well as workers’ compensation and liability insurance. The difference between contractors bonding and insurance is not always clear. Continue »
Just because it’s signed, doesn’t mean it’s insurable. Risk transfer is making sure the risk ends up on somebody else’s lap should an injury, fire or some other mishap occur during construction. Continue »
Contractor’s professional liability insurance is a facet of the construction industry that continues to blossom. This growth is good news in many ways. It provides the opportunity for more thorough coverages, more competition and an ability to obtain better overall coverage than ever before. Continue »
Owner-Controlled Insurance Programs (OCIPs) or “wrap-ups” as they are commonly known, are project-specific insurance policies designed to cover the jobsite risks and completed operations exposures of the owner and contractors on a construction project. Continue »
The use of unmanned aerial vehicles (UAVs or “drones”) is taking off among real estate brokers, developers and design and construction firms. Continue »
Disaster preparedness encompasses everything from the construction company’s role in proper infrastructure design, inspection and construction to the company’s plans to protect against the impact of a disaster on the business. Continue »
Several trends and recent events signal that a global recession may be on the horizon. The sovereign debt crisis in Europe continues to persist, the Chinese stock market has become volatile as its economy may be entering a prolonged slowdown, and low interest rates leave Europe’s central banks little room to avert a recession. Continue »
To err is costly in the construction world. Although contractors continue to improve their focus on risk management, accidents happen daily at construction sites all over the country, some resulting in tragic loss of life. Continue »
As the cost of commercial, public entity and residential construction continues to increase, more owners and developers are seeking inventive ways to reduce insurance costs while maintaining effective coverages for the various parties engaged at project sites. Continue »
The question of whether and when a contractor can obtain insurance coverage for damage caused by a subcontractor’s faulty work has been fought out in a state-by-state basis in courts across the country. Continue »