A new survey by Aflac found that 42 percent of all companies providing access to voluntary accident and disability insurance reported declines in their workers’ compensation claims.
The Aflac Workers’ Compensation Report, an online survey conducted by Lieberman Research Worldwide on behalf of Aflac, asked 600 employers from small, medium and large U.S. companies if they provided employees with access to accident or disability insurance and, if so, whether they noted a corresponding decline in workers’ compensation claims. Continue »
Nine top surety executives share insights that can give contractors and subcontractors an advantage when obtaining bonding.
Payment bonds are always associated with contractual terms, but sometimes they also are simultaneously regulated by statute. Continue »
Each year, the Merchants Bonding Company™Leaderboard Program salutes agency partners that have demonstrated surety savvy and collaboration for growth. We salute Rust Ewing Watt & Haney Inc. of Texas City, Texas, for attaining the Champions Tour of surety professionals. Congratulations to Mark Smith for surety professionalism in 2013. Merchants has partnered with Rust Ewing Watt & Haney Inc. for 13 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 Rust Ewing Watt & Haney Inc. here. Continue »
Construction machinery investment will see stronger growth later in the year, but the year-over-year growth figures will appear weak due to a high base year effect.
A commercial general liability (CGL) policy often covers claims of damage for work that a construction firm has completed, but excludes damage “arising from the provision or failure to provide “professional services.” Where is the line between providing competent construction work and providing professional services? Continue »
Directors and officers (D&O) liability insurance covers a company’s directors and officers from allegations of mismanagement (Side A). Coverage also extends to the corporate entity’s responsibility to indemnify the directors and officers (Side B) and also can protect the entity itself for securities-related litigation (Side C). Additionally, these policies cover the defense of a covered lawsuit. Continue »
The corporate death penalty, as suspension and debarment is often referred to, can kill more than just a contractor; it has the potential to wipe out an entire corporate family.
More companies will fail in an expansionary economy than in a recession because growth and expansion take cash to fund growing payrolls and materials. Project teams have many difficult and challenging assignments in the building environment today. Fortunately, there are tools and techniques to ensure payroll is met and sufficient cash is available to run the company. Continue »
Construction site disputes impose exorbitant costs on businesses—up to $11,000 per incident on average, according to a recent study by Michigan State University. Conflicts take a heavy physical and psychological toll on workers, consuming between 25% and 50% of their time on the job, driving high turnover rates and reducing productivity. Continue »
Increased productivity in construction through better information management can save the project owner money. Nonetheless, construction contract provisions are sometimes written to the disadvantage of contractors and subcontractors that employ newer technologies. In other cases, construction contract provisions are written for a scenario that assumes the use of paper communications, and care isn’t taken to ensure that appropriate contract modifications are in place that are based on the use of more advanced data transfer technology. Continue »
Pricing for contractors general liability, project-specific general liability, umbrella and excess liability, workers’ compensation, and residential construction insurance was up between 3 percent and 7 percent on average during the first half of the year, according to Marsh’s Construction Market Update—First Half 2013. Construction firms with poor loss histories generally were more likely to have seen double-digit rate increases. Continue »