Many construction companies don’t realize how susceptible they are to financial loss caused by the fraudulent acts of their employees. Employee theft involves more than just cash. In industries like construction there are other ways employees can steal or misuse an employer’s assets. Continue »
Construction Executive asked top executives at leading sureties and insurance companies specializing in construction for advice and insights on:
- What do contractors need to know about additional insured coverage when obtaining insurance?
- If there is a burst of construction activity under the Trump administration, what advice can you offer to contractors that might overextend?
- What insights can you offer as the practice of contractors purchasing surety bonds directly becomes more common?
- What are the benefits of the surety bonding prequalification process and how can contractors prepare for it?
When most teams embark on a new construction project, one of the first considerations is usually not insurance. Some view insurance as a necessary evil; others view insurance as a critical piece of their comprehensive plan to manage and allocate risk. 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 »
The number “6” can have many connotations. It can be the number of players a hockey team puts on the ice during a game, it’s how many eggs in a half-dozen container, or it’s how many points a touchdown is worth. Continue »
Why should a construction professional pay attention to contractual risk transfer? For starters, neglecting it could put a contractor out of business, or at least increase insurance costs. 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 »
Keys to Effective Fleet Risk Management As Insurers Tighten Underwriting Requirements, Contractors Can Take Steps to Enhance Driver Safety and Productivity
In recent months, insurance companies have sharpened their underwriting requirements for fleet operations of all sizes. Notably, they are inquiring about various elements of fleet management programs, and in some cases requiring firms lacking such systems to move quickly to select and implement them. Continue »
Careful Planning and Attention to Detail Are Keys for Contractors to Manage Complex Builders’ Risk Claims
When disaster strikes, contractors rely on their insurance to help get projects back on track as quickly as possible and maintain cash flow in the interim. Continue »
Congratulations Smith-Manus of Louisville, Ky., for achieving the Champions Tour of surety professionals. Merchants Bonding Company’s™ Leaderboard Program recognizes Merchants’ exclusive group of top contract surety agents who have demonstrated a commitment to growth with Merchants. Thank you Brook Smith, Tom Smith, Jason Cromwell, Ray Hundley and Jim Martin of Smith-Manus for your partnership and sharing our common-sense vision. See our online salute to Smith-Manus here. Continue »
While many factors impact surety bonding, some are more obvious than others. Surety companies continually monitor a contractor’s financial strength, capacity to execute their projects and the quality of their management team Continue »