construction
May 22, 2024
Avoiding Contractor Fraud in the Wake of a Disaster
There were 28 separate billion-dollar climate catastrophes in the United States in 2023, and 2024 is already shaping up to be an active year for severe weather. In the wake of these events, those affected are left vulnerable to shady contractors as they recover and rebuild their lives. To combat this growing problem, the National Insurance Crime Bureau (NICB) educates consumers on...
May 16, 2024
Top Commercial Construction Risks and Challenges for 2024
The commercial construction industry is facing key risks and emerging challenges that impact project timelines, budgets and safety, according to QBE North America’s 2024 Commercial Construction Risk Report. The report, based on a survey of 500 commercial general contractors and construction managers, highlights cybersecurity threats, financial challenges, and labor shortages as significant concerns for the...
May 1, 2024
5 Ways to Prevent Water Damage in Buildings Under Construction
Water damage stands as a persistent threat to buildings under construction, ranking as one of the leading causes of property loss worldwide. In the U.S. alone, the annual incurred loss amounts attributed to weather and non-weather-related water damage are equal to $500 million[1], emphasizing the significant financial burden this damage can place on construction projects....
April 17, 2024
Construction Defect Claims on the Rise: Understanding the Trends and Impacts
Construction projects are booming. That’s because demand is returning to its pre-pandemic levels, no longer impeded by mass closures, supply chain stalls or a lack of labor. Businesses and homeowners are looking to build, and the industry is more than happy to oblige. “The pre-COVID building boom, combined with lower interest rates and affordability, continues...
March 13, 2024
A Fight for Capital and Capacity – Emerging Risks in the Construction Sector
The construction industry is facing a unique set of challenges in today’s market, leading firms to seek innovative solutions to manage risk effectively. James MacNeal, global industry specialty leader, construction and infrastructure at Aon, highlighted the evolving landscape of risk transfer in the construction sector, emphasising the significance of alternative strategies like parametric insurance and captives...
February 26, 2024
What is Compounding Risks in the Construction Sector?
The construction industry faces several emerging risks in 2024, including supply chain disruptions reminiscent of those faced in 2020 due to geopolitical tensions in the Red Sea. Combined with ongoing economic challenges, construction businesses should expect increased costs and plan meticulously to minimize project delays, an expert told Insurance Business. “I would hazard to say almost...
January 30, 2024
Construction Industry Trends to Watch in 2024
The construction industry has encountered volatility and uncertainty in recent years, brought on in part by fluctuating consumer behaviors, material procurement difficulties, project delays, high interest rates and inflation. Such trends have been vital to monitor, as doing so has helped industry employers create strategies to adjust and remain successful despite these uncertain circumstances. This...
January 24, 2024
OSHA’s Top 10 Most Frequently Cited Construction Standards in Fiscal Year 2023
OSHA maintains records on the most frequently cited standards from worksite inspections for each fiscal year and compiles a list within particular industries. The latest records outline the top 10 standards cited within the construction industry during fiscal year 2023 (October 2022 through September 2023) and the total number of violations for each standard. By...
December 19, 2023
OSHA’s Safety and Health Bulletin on Safety Helmets in the Workplace
On Nov. 22, 2023, OSHA provided a Safety and Health Information Bulletin (SHIB) on the use of safety helmets in the workplace. The SHIB provides the key differences between safety helmets and traditional hard hats. The SHIB also describes the advancements in design, materials, and protective features that help to protect a worker’s entire head....
November 27, 2023
OSHA Announces Top 10 Violations for FY 2023
OSHA recently released its list of the top 10 most frequently cited standards following inspections of worksites by federal OSHA. The list, which consists of preliminary data and is subject to change, reflects the citations across industries and accounts for citations that occurred between Oct. 1, 2022, and Sept. 29, 2023. OSHA notes that workers...