Construction
August 27, 2021
Cyber Liability Coverage in the Construction Industry
In recent years, cyber incidents have surged in both cost and frequency. These incidents have become a pressing concern for organizations of all sizes and sectors—and construction companies are no exception. Although employers within the construction industry may think that their cyber exposures are minimal, this often isn’t the case. Rather, such vulnerabilities can come...
August 19, 2021
Structural Issues and Aging Buildings
While modern building codes and structural engineering have made buildings extremely safe, facilities managers must maintain a high level of upkeep for them to remain that way. As buildings age, they can lose their structural integrity. As such, if simple repairs are left untended, they can balloon into bigger issues, potentially causing significant damage that...
August 11, 2021
LIHTC Recapture Bonds: Top Questions Answered
We recently interviewed CMR’s Principal/President and Surety Practice Group Leader, Travis Pearson on the top questions that we receive regarding the LIHTC Recapture Bond. While the IRS no longer requires a disposition bond (IRS form 8693) to avoid tax credit recapture in the event of ownership disposition in a Low Income Housing Tax Credit Section...
August 2, 2021
Preparing Workers’ Comp for Future Pandemics
Intending to recognize additional catastrophic exposures on workers’ comp systems that can impact ratemaking, the National Council on Compensation Insurance (NCCI) is proposing that any event exceeding $50 million in losses be excluded from the data used to set rates, including future pandemics. Other than certified acts of terrorism, NCCI’s catastrophe provision only accounts for single-event losses...
July 26, 2021
What Does Builder’s Risk Insurance Cover?
Builder’s risk insurance provides property coverage for buildings and structures that are under construction. If you’re a builder or a commercial property owner, you could face considerable monetary loss if something goes wrong with the construction of a building if you don’t have builder’s risk insurance. This coverage is also known as “course of construction...
July 14, 2021
OSHA Actions Impact the Construction Industry
The Occupational Safety and Health Administration (OSHA) is planning to take actions that will directly impact employers in the construction industry. Among the most prominent are the proposed amendments to the Hazard Communication Standard (HCS) that are being designed to conform to changes in the United Nations’ Globally Harmonized System of Classification and Labeling of Chemicals (GHS)....
June 28, 2021
Preventing Theft at the Construction Site
Job site theft has become a rising concern for construction employers across the country—resulting in the loss of valuable equipment and materials. In fact, the latest research revealed that such theft currently accounts for an estimated $1 billion in annual costs throughout the construction sector. What’s more, overall losses related to construction site theft have...
June 7, 2021
Industries That Experience the Most Fatal Work Injuries
During 2019, a total of 5,333 fatal occupational injuries occurred, marking the largest annual number since 2007, according to the U.S. Bureau of Labor Statistics (BLS), which reported an American died every 99 minutes from a work-related injury. Overall, fatal work injuries increased by 2% nationwide during the year. Further, the fatal work-injury rate did not change...
May 24, 2021
Amenities Are Reopening, With Technology At Their Core
Last year, once-bustling amenities in multifamily properties fell silent as residents stayed socially distanced in their units. Meanwhile, property managers sought alternative ways to engage residents and empower them to take advantage of the amenities they pay for while still feeling safe. They found that technology provided the bridge they were looking for. “In the past year, we’ve seen a rise...
April 28, 2021
The Importance of Participating in the National Safety Stand-down
Falls from elevation repeatedly reign as one of the top causes of fatalities within the construction industry. In fact, according to the latest findings from the Bureau of Labor Statistics, such falls contributed to nearly 38% of workplace deaths in the sector this past year. Nevertheless, by educating employees on fall risks and implementing adequate...