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Representing Travelers in this discussion are Rich Ives, senior vice president of business insuranceclaims for Travelers Insurance, and Ken Wengert, vice president of risk control for construction, energy and marine at Travelers.
Your Claim Has Been Denied. If your construction business has suffered a financial loss due to damage, accident, crime or liability, the last thing you want to hear is that your claim is. Choose the Right Insurance Partner. Alex Headley. Fri, 07/23/2021 - 09:30. not covered.
Many contractors, subcontractors and developers often do not realize that there are perhaps dozens of exclusions buried in the hundreds of pages of these CGL insurance policies that allow an insurance company to deny coverage for these claims. Find out more here. .
With Helene and Milton estimated to have cost tens of billions of dollars in damage, it’s important for businesses to carefully document the impact when filing insuranceclaims.
In addition to lawsuits filed by private citizens, claims filed by federal, state and city regulators are causing more businesses to purchase Employment Practices Liability Insurance (EPLI). The United States Equal Employment Opportunity Commission received 84,254 discriminatory employment practices complaints last year.
Water damage has long been one of the most common insuranceclaims in the industry, and it now accounts for up to one-third of all payouts on builder’s risk policies. The cost of those payouts has been rising steeply for several years, and insurers have consequently taken severe steps to mitigate their risks.
Filing a roof replacement insuranceclaim may be your only chance of taking care of the necessary repairs and renovations, especially after a huge storm, water damage, or other calamities and catastrophes. This having been said, here are 5 tips for filing a roof replacement insuranceclaim. Contact the Insurance Policy.
Workers’ compensation insurance pays for occupational injury and illness; that’s why you buy the insurance. What many contractors fail to grasp, however, is that some significant indirect costs are not covered by insurance. Oftentimes, it is an employer’s single most expensive line of coverage.
The goal is to identify and address dangerous behaviors before an accident happens, protecting your company’s equipment from damage … your employees and others on the road from harm … your company from costly litigation … your insurance rates from skyrocketing … and your brand name from bad publicity. In a recent J.
The Insurance Research Council indicates that roughly 35 percent of workers’ compensation claim dollars are paid to fraudulent claimants. Another study by the National Insurance Crime Bureau states that the total cost of workers’ comp fraud is $7.2 billion per year.
The Insurance Research Council indicates that roughly 35 percent of workers’ compensation claim dollars are paid to fraudulent claimants. Another study by the National Insurance Crime Bureau states that the total cost of workers’ comp fraud is $7.2 billion per year.
Performance leads to profits, and fewer accidents result in fewer expenses and insuranceclaims.' Operators who know how to properly and safely use their equipment are not only much more likely to operate it safely, but they also are able to work faster and more efficiently, leading to better overall performance.
Between the potential for accidents and injuries on the job site and the risk of lawsuits, it’s important to have insurance to protect yourself from financial losses, but what kind of insurance do you need? Here’s an overview of the most important types of insurance for contractors. General Liability Insurance.
A plaintiffs attorney in post-crash litigation can claim negligence if there is any failure to follow policies, procedures, or reasonable practices that find, coach, and remediate high-risk behavior. 3) Use video in a corrective action training (CAT) program. 4) Share safety improvements.
Zurich North America offers Construction Weather Parametric Insurance does not require physical loss or damage in order to claim weather-related losses. Parametric insurance sets predetermined parameters and payments—agreed upon by the insurer and the customer during the application process—for…
For carriers, brokers, risk managers and adjusters this is not just a claim, it is a race against time. Embracing a commercial MRP is a powerful strategy to optimize the claims process, minimize delays and improve commercial loss management. Commercial managed repair programs (MRPs) are the solution to navigating this critical moment.
In today’s litigious environment, claims against construction companies are inevitable, and off-the-shelf solutions used to manage liability risks are too often inadequate. Construction defect claims are compounded by the fact that not all are covered by insurance, depending on the carrier and the applicable state statutes.
Insurance companies cannot recover environmental cleanup costs paid to their insured under the federal Comprehensive Environmental Response, Compensation and Liability Act, commonly known as Superfund, from another Potentially Responsible Party ( unless their insured had first pursued a separate claim to recover the cleanup costs from that PRP).
More than half of insurers surveyed in new study by broker Ames & Gough report claim severity was worse in 2021 than the prior year, with half saying they raised premiums 6% to more than 10%.
While crime exposures for some businesses can be measured and quantified by the amount of cash or other valuables on hand, employee fidelity claims in the construction industry and the losses arising out of such acts can be difficult to identify or quantify. No construction firm is immune to employee dishonesty or crime losses.
In today’s ever-evolving insurance landscape, the importance of swift and efficient claim resolution cannot be overstated. Let’s embark on a thorough exploration of how Contractor Connection partners with the insurance industry, delivering a holistic, efficient, and dependable claim journey.
Rydon said its settlement is being covered by its insurers. The civil claim is separate to the public inquiry into the fire, which finished taking evidence in November 2022 and is expected to issue its final report later this year. Lawyers for the BSR group took action against 22 firms in total.
Business insurance can help mitigate occurrences or disasters that can severely impact or destroy the good standing of your business. Let’s take a look a subcontractor insurance: when it’s needed, what happens if a sub goes uninsured, and what policies subs can use to protect their businesses from risk.
In turn, the owner is relying on the insurance company to pay their claim. After all, the faster the insurance company pays the owner, the quicker you can get paid ! Dig deeper: What contractors need to know about the insuranceclaims process. You may feel the urge to step in and help with the adjuster.
One way to help protect yourself from some of these perils is by having business interruption insurance for construction. This type of insurance can help ensure that you’re able to continue operations if something happens that causes you to lose income. What does business interruption insurance cover ?
Insurance expert John D Wright of JD Risk Associates explains the process of making a claim under an insurance policy- a potential minefield for the unwary he warns, as there are many reasons why a claim may not be paid in full, or at all. If you have a subscription please log in to read the rest of the story.
There are numerous resources to help construction companies prevent workers’ compensation claims. Companies can refer to their insurance carriers and agents or broker partners who employ consultants specializing in worker safety and injury prevention.
Insurers had filed two actions against Zachry and its joint venture partners, claiming they caused a 2022 gas export terminal explosion by failing to install proper safeguards.
I chose to discuss InsuranceClaims in this blog because when the time comes, some business owners have never been through the process and may not know what to expect. The number one tip that I can give you is to call your insurance company in all circumstances (after you call the emergency services if necessary, of course).
This modifier is an actuarial factor used to adjust your WC insurance rate higher or lower than the average for your industry class code, based upon the frequency and severity of your claims.
To get the most from an insuranceclaim involving property restoration, it is best practice to openly communicate and collaborate with both your agent and restoration company. Know Your Policy Additionally, there is no way around it, you need to know what is included in your insurance plan prior to disaster.
Help with negotiations This can be difficult, as insurance companies are often reluctant to pay large settlements. An experienced attorney will know how to negotiate with insurance companies and fight for the best possible settlement for you. These damages can include payments for your pain and suffering.
Even though the insurance company isn’t your customer, the property owner may be depending on that insurance check to pay for your work. To cover these expenses, restoration contractors need to manage their cash flow to ensure they have enough money in the bank — especially when the insurance company is dragging their feet.
In most cases, that’s what insurance is for, and the contractor will typically initiate a claim against their policy to take care of it. But who can actually file a claim against the contractor’s insurance? Can the property owner file a claim, or does the contractor need to submit it? Let’s take a look.
AECOM is suing Zurich American Insurance alleging that the carrier’s “all-risk” policies should include claims for losses due to the impact of COVID-19. The design firm alleges that Zurich refused to pay coronavirus-related claims when such coverage was not specifically excluded in AECOM's “all-risk” property insurance policies.
After dismissing the case, the judge said he didn't want to rule on whether the insurers might have a liability claim against Zachry Group, McDermott and Chiyoda under other provisions of the contract.
Farmers Insurance filed nine class action suits against nearly 200 communities in the Chicago area, saying that local governments should have prepared for rising global temperatures that have led to heavier rains and flooding. Standards Codes and Standards'
HM Revenue & Customs is turning the spotlight on claims for rising materials costs under the industry’s CIS tax scheme. Under CIS, contractors deduct money from payments to subcontractors and then pass it on to HMRC as advance payments towards the subcontractor’s tax and National Insurance contributions.
According to a recent Press Release from Marsh , a leader in insurance broking and risk management, construction firms across the U.S. Insurance rates have been declining for close to a decade, but rates are forecasted to increase between 8 and 10 percent. Being insured is a major expense in all construction companies.
Well, now at least one insurance company believes that, as well. I’ve admittedly been focused mainly on the productivity gains from using technology, but getting a discount from an insurance company to use it is an interesting side effect. Announced today, The Travelers Companies, Inc.
Building defect claims are a constant source of litigation, which the insurance market has a range of products to provide cover for. Our insurance expert John D Wright explains how choosing the right type of insurance is crucial. This story is only available to subscribers to the printed edition of Construction Law.
Well, in a recent construction dispute in Maryland, “the Man” was the owner’s insurance company. Accordingly, the joint venture could not claim reimbursement under the policies. The contract required Gaylor to purchase and maintain an Owner Controlled Insurance Program (“OCIP”). The InsuranceClaim.
As you dig deeper into your construction insurance policy, you may come across the terms first-party insurance and third-party insurance. Mastering the difference between these two concepts is crucial to understanding how different types of construction insurance protect you.
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