Construction
June 28, 2022
Builder’s Risk – Construction Projects Rush to Plug Cover Gap
Supply chain challenges and inflationary pressures have left contractors and developers with soaring insurance costs amid a scramble to extend cover for delayed projects. The cost of some materials has surged since the onset of the coronavirus pandemic, while an underwriting expert told Insurance Business that supply chain delays have meant policyholders may require an extension of...
June 21, 2022
The Importance of Surety Bonds for the Concrete Contractor
Placing concrete requires specialized skills and equipment. The licensing requirements for concrete contractors vary from state to state. In some states, concrete contractors need a specific license for working with concrete. In others, licensing for concrete contractors is included in the general contractor’s license. To obtain a contractor’s or concrete license, you must meet multiple...
May 31, 2022
How Technology is Helping Lower Risks in Construction
Construction projects are becoming more complex, while the timeframes to complete them are shortening. On top of these challenges, supply chain troubles and labor shortages are raising the potential risks for builders, insurance industry sources tell PropertyCasualty360.com. “Each of these factors can increase business expenses and insurance rates, which underscores why it’s more important than ever for...
May 25, 2022
Construction Costs Outpacing Property Rate, Limit Increases
Property insurers are not raising coverage limits and rates to keep pace with inflating construction costs, according to a Moody’s Investors Service report. Rising costs for construction materials and labor means elevated loss severity for insurers because repair and replacement work are more expensive. “Higher costs for construction materials and labor have caused elevated loss...
May 18, 2022
Why Are US Commercial Insurance Rates Continuing to Climb?
A new report from the American Property Casualty Insurance Association (APCIA) has looked into the impact of inflationary pressures on commercial lines insurance in the US and identified three main drivers of commercial insurance rate increases. “Insurers and agents continue to look for ways to reduce costs while still meeting all obligations to policyholders, but as claims...
May 17, 2022
How to Learn from Accidents in the Workplace
Workplace accidents are serious and frequently result in severe injuries – even death. As a business owner, you’d like to believe it couldn’t happen to you, but that isn’t always the case. Regardless of the stringent safety protocols, you have in place – never say never. How these incidents occur and the seriousness of an...
April 27, 2022
Best Practices for Hauling Heavy Construction Equipment
Hauling heavy equipment between job sites is a common task in the construction industry. Yet, when this equipment is not properly secured, serious accidents can occur during transportation, potentially resulting in destroyed equipment, damaged vehicles, traffic fines and injuries (or even fatalities) among employees or other motorists on the road. Considering these consequences, it’s critical...
April 14, 2022
Importance of Surety Bonds in Construction
Important Role of Surety Bonds Within the Construction Industry Construction companies face significant risks, especially when they perform work on projects spanning several years. Issues like economic downturns, inflationary pressures, material shortages, equipment breakdowns, and others can threaten the ability of contractors to perform under their contracts. When these types of problems are insurmountable, construction...
April 13, 2022
OSHA Launches Program to Protect Workers From Heat Hazards
On April 12, 2022, OSHA launched its National Emphasis Program (NEP) for protecting workers from heat hazards in indoor and outdoor workplaces. Through the program, OSHA will conduct heat-related workplace inspections before workers suffer preventable injuries, illnesses or fatalities. The NEP is effective on April 8, 2022, and will remain in effect for three years...
March 1, 2022
5 Trending Captive-Insurance Considerations for 2022
If 2020 and 2021 showed us anything, it’s that the unexpected can and will happen — whether it’s a global pandemic, a cargo ship blocking one of the world’s busiest trade routes or a storm creating a widespread power outage. These unforeseen risks are difficult to predict and insure against, which made captive insurance, with its ability...