Construction Business Owner

FEBRUARY 26, 2014

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.

Compensation 260

Compensation Insurance Management Injury 260

Construction Business Owner

OCTOBER 1, 2024

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.

Accidents 367

Accidents Construction Insurance Risk 367

Construction Business Owner

AUGUST 22, 2014

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.

Insurance 227

Insurance Compensation Claims 227

Construction Business Owner

JULY 23, 2014

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.

Insurance 227

Insurance Compensation Claims 227

Construction Business Owner

MAY 29, 2014

Performance leads to profits, and fewer accidents result in fewer expenses and insurance claims.' 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.

Safety 294

Safety Accidents Profitability Insurance 294

Construction Marketing

DECEMBER 27, 2021

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.

Insurance 156

Insurance Contractors Accidents Liability 156

Construction Business Owner

FEBRUARY 3, 2025

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.

Safety 194

Safety United States Risk Regulation 194

Construction Equipment

JANUARY 6, 2021

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…

Insurance 117

Insurance Claims America Construction 117

Contractor Connection

FEBRUARY 2, 2025

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.

Commercial 52

Commercial Claims Management Insurance 52

Construction Business Owner

OCTOBER 24, 2016

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.

Claims 120

Claims Liability Insurance Risk 120

Green Building Law Update

FEBRUARY 12, 2014

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).

Insurance 120

Insurance Liability Legal Claims 120

ENR Construction

FEBRUARY 25, 2022

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%.

Insurance 86

Insurance Claims Design 86

Construction Business Owner

OCTOBER 26, 2012

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.

Liability 149

Liability Insurance Employment Claims 149

Contractor Connection

OCTOBER 11, 2023

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.

Insurance 105

Insurance Contractors Industrial Claims 105

Construction Enquirer

JULY 6, 2023

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.

Claims 131

Claims Profitability Maine Insurance 131

Levelset

SEPTEMBER 14, 2022

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.

Insurance 98

Insurance Liability Claims Injury 98

Levelset

MARCH 31, 2022

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 insurance claims process. You may feel the urge to step in and help with the adjuster.

Insurance 93

Insurance Deals Contractors Claims 93

Levelset

MAY 23, 2022

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 97

Insurance Contractors Construction Claims 97

Construction Law

NOVEMBER 4, 2024

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.

Claims 40

Claims Insurance Risk Construction 40

Construction Business Owner

MAY 30, 2013

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.

Injury 166

Injury Compensation Claims Insurance 166

Construction Dive

NOVEMBER 26, 2024

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.

Texas 147

Texas Insurance Claims 147

Wolgast Corporation

AUGUST 1, 2024

I chose to discuss Insurance Claims 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).

Insurance 62

Insurance Claims Commercial Accidents 62

Construction Business Owner

MAY 23, 2018

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.

Compensation 168

Compensation Insurance Claims Industrial 168

ENR Construction

NOVEMBER 26, 2024

Insurers have resorted to racketeering statutes in recent years to combat alleged fraud.

Insurance 73

Insurance New York Injury Claims 73

Wolgast Corporation

APRIL 30, 2024

To get the most from an insurance claim 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.

Commercial 127

Commercial Insurance Claims Documentation 127

Construction Marketing

MARCH 2, 2023

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.

Injury 255

Injury Site Defense Compensation 255

Levelset

MARCH 21, 2022

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.

Cash Flow 98

Cash Flow Insurance Lien Management 98

Levelset

SEPTEMBER 13, 2022

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.

Insurance 52

Insurance Claims Liability Accidents 52

BD+C

JANUARY 27, 2021

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.

Insurance 52

Insurance Claims Risk Design 52

ENR Construction

DECEMBER 4, 2024

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.

Insurance 69

Insurance Liability Texas Claims 69

BD+C

JUNE 4, 2014

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'

Insurance 76

Insurance Sewer Illinois Chicago 76

Construction Enquirer

JUNE 22, 2023

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.

Claims 100

Claims Materials Subcontracting Contractors 100

Construction Law Monitor

SEPTEMBER 17, 2012

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.

Insurance 63

Insurance Construction Forecasting Claims 63

Construction Junkie

JULY 27, 2020

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.

ProCore 83

ProCore Travel Insurance North Carolina 83

Construction Law

JULY 1, 2024

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.

Insurance 52

Insurance Claims Products Construction 52

Best Practices Construction Law

FEBRUARY 25, 2014

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 Insurance Claim.

Insurance 59

Insurance Maryland Claims Construction 59

Levelset

SEPTEMBER 19, 2022

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.

Insurance 52

Insurance Liability Compensation Claims 52