Many recent studies show companies are taking risk management more seriously. For example:
According to a 2011 Swiss Re Group report, total economic losses caused by natural catastrophes and man-made disasters reached a record $350 billion with only $108 billion covered by insurance, exposing those affected to almost 70 percent of all losses, which directly affected their bottom line. Continue »
The Miller Act protects certain subcontractors, laborers and suppliers that provide labor or materials for the construction, alteration or repair of federal projects against the risk of nonpayment. Claimants that improve a federally owned project cannot record a claim of lien against the improvement. For example, despite its potential value on the open market, the Washington Monument cannot be foreclosed on by a subcontractor that performed certain construction improvements at the landmark. Continue »
Under President Obama’s health care reform law, companies with 50 or more full-time employees/equivalents (FTEs) must provide their workers with health insurance in less than a year, or face tax penalties. With so little time to comply, business owners should create and implement a health insurance strategy now. Continue »
Construction Executive asked top executives at leading sureties and insurance companies specializing in construction for advice and insights on: Continue »
The Protecting America’s Workers Act (PAWA), which recently was reintroduced in the Senate, would result in significant changes to the Occupational Safety and Health Act. S. 665 was introduced in 2009 and then reintroduced in 2011, but was not enacted. The 2013 version of the bill, which is before the Senate Health, Education, Labor, and Pensions Committee, contains many of the same components found in previous versions but with few new twists. If enacted, the bill will include the following provisions from previous versions of PAWA.
Successful contractors are responding in creative ways to today’s challenging operating environment. They are seeking out new markets and geographies to create and capture value. In addition, new techniques, delivery methods and construction materials introduce fresh elements to the traditional construction process. FMI’s research consultant Rick Tison and Michael Davis, a director of professional liability products at Zurich North America Construction, discuss the impact of these changes on managing risk in the construction process and how best-in-class firms are responding. Continue »