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Lower Insurance Costs: A strong safety record can lower your insurance premiums and improve your bottom line. Networking Perks: Industry Events: Participate in industry events and training sessions to stay connected and informed. When you partner with the IUPAT, you gain access to a vast network of industry professionals.
While many are quick to blame the macro trend of inflation for property insurance increases, there are actual events with consequences inherent to the Florida market, that should be credited for the recent developments.
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.
Filing a roof replacement insurance claim 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 insurance claim. Contact the Insurance Policy.
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 ?
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 insurance claims process. You don’t work for the insurance company or the adjuster, and they don’t work for you.
Insured losses for the period reached $20 billion–approximately 20% below the 10 year average of $25 billion. Roughly 50% of the insured losses resulting from natural disaster events were recorded in the United States. billion); the U.S. severe weather outbreak from May 18-22 ($4.5 billion); and the China drought ($4.2
More and more in my everyday practice I encounter issues with contractor general liability insurance (GL). The bad thing is, that most think this is all they need to do in order to be “covered” in the event of a loss or occurrence. If you ever have a lawsuit filed against you put the insurer on notice immediately!
While hopefully most of us will never experience firsthand the result of a category 4 or 5 hurricane, these recent storms offer some good reminders to all commercial property owners and tenants about preparing for serious weather-related events that could potentially strike in their area and cause commercial facility damage.
Insurance is perhaps the most important thing to arrange before starting a construction company. There are many different types of insurance in the United Kingdom. A construction business needs need public liability insurance , and employers’ liability insurance if you employ staff. Business Plan. Final Thoughts.
Between miscommunication, the wrong specifications, carelessness, or events out of anyone’s control, things can go wrong, and the damages can be expensive. Luckily, that’s what insurance is for, right? Does a general contractor’s insurance cover their subcontractors’ accidents or mistakes? Who is covered by an insurance policy?
Insurance is one part of a strategy to keep your carpentry business financially healthy. To minimize any financial damage, a comprehensive carpenter’s insurance plan is a smart bet. . What is carpenter insurance? Does a carpenter need insurance? Insurance serves another purpose.
A Federal Emergency Management Agency (FEMA) National Flood Insurance Program (NFIP) flood plain management report says current model building codes, such as the International Codes (I-Codes), have flood provisions that are consistent with NFIP requirements for buildings and structures. “ICC Posted by Heidi Schwartz.
Errors and omissions (E&O) insurance covers contractors against financial loss resulting from mistakes, errors, or claims of negligence. While general liability insurance covers against claims related to injury or property damage, errors and omissions insurance protects from lawsuits related to financial loss.
Insurance and bonding requirements. Building codes , insurance requirements and bonding requirements can vary by location, though. Doing so not only helps you stay ahead of possible compliance document expirations, it also helps you respond quickly in the event a compliance issue arises. Building codes. Lien requirements.
Insurance Good faith in insurance contracts Insurance expert John D Wright explains how the obligation to act in good faith works in insurance law. Acting in good faith is a relatively recent duty in construction contracts, but it has been fundamental to insurance contracts for over 300 years.
This means that should your security staff be running errands on-site or off-site, they will likely miss any security events detected on your security camera systems, making them less likely to spot and resolve a security threat in time. You can implement RFID tracking to make the equipment logging process more accurate and efficient.
On projects like this, property owners typically count on an insurance claim to pay for the work – they may not have cash on hand to pay you out of pocket. Understanding a homeowner’s insurance policy – and what it covers – can be helpful when deciding to take on a project. Understanding homeowner insurance policies.
Subcontractor default insurance is one alternative to a surety bond that works to protect a contractor from the financial burden when one of their subcontractors defaults. Related: 16 types of insurance coverage for contractors. What is subcontractor default insurance? How SubGuard insurance works.
Scenarios like these stress the need for an electrician to have insurance coverage in place. Thus, a strong insurance plan helps you rest easier both on and off the job. Why can an electrical contractor use insurance? Insurance policies can help your business cover the costs of both minor and major incidents.
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? And what if the insurance won’t cover all or some of the costs? Who can file a claim with the contractor’s insurance?
On projects like this, property owners typically count on an insurance claim to pay for the work – they may not have cash on hand to pay you out of pocket. Understanding a homeowner’s insurance policy – and what it covers – can be helpful when deciding to take on a project. Understanding homeowner insurance policies.
Our insurance expert John D Wright of JD Risk Associates analyses the insurance aspects of flood damage. The future looks tricky for insurers and policyholders alike, he warns, as the frequency of flood events rises. This story is only available to subscribers to the printed edition of Construction Law.
May 2014 Download Library AdditionAs new webinar recordings are made available to the ConstructionPro Network free member Download Library on a monthly basis, ConstructionPro Week will provide a brief summary of each event for the benefit of its readership. ” Read more.' ” Read more.'
Event Planners. Insurance Agents. This is particularly true if you fall into any of these categories: Attorneys. Career Coaches. Chiropractors. Commercial Real Estate Agents. Consultants. Family Physicians. Financial Planners. General Contractors. Graphic Designers. Lawyers Mortgage Brokers. Nutritionists. Optometrists. Photographers.
The assessment of wind damage is important for both property owners and insurers because it helps to identify the extent of damage, necessary repairs, potential safety hazards, and facilitates progress toward eventual remediation. The results of the analysis further proved the wind event did not cause tension failures.
To help your business remain viable, contractor’s insurance should be a crucial part of your financial strategy. Insurance also puts other parties’ minds at ease when they want to hire you as a specialty contractor. A certificate of insurance (COI) is a valid form used to prove that you carry the appropriate insurance policy.
Take advantage of all the social events as this is often where the magic happens. The CFMA conference lunches, networking and social activities provide time for mini consultations with speakers, exhibitors, CPAs, and Insurance experts from across the country. Isn’t it time for your needed enlightenment?
When a contractor or subcontractor is sued for defective workmanship, one of his first thoughts is likely to be whether the damages are covered by his liability insurance. But if the plaintiff’s complaint also alleges some resulting property damage, however minor, the insurer is obliged to defend the lawsuit.
Citing the difficulty in correcting information from several thousands of these daily events, FMCSA reasoned that receiving a citation suggested the driver had committed some type of traffic offense otherwise the citation would not have been issued and so recording the event in MCMIS was not unjust.
INSURANCE |. Heck, you get trophies for participating in an event—not winning it. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. People Management. Green Building. Construction Safety. Compliance/Regulations.
Analysis Generative Artificial Intelligence to transform construction procurement Constructions long and complex supply chains increasingly come under pressure, partly due to geopolitical events beyond the industrys control, but partly also for reasons that it can often do something about. Some risks are already uninsurable, he warns.
With these type of events come an aftermath where property owners and contractors are left scrambling to put the pieces back together. The best way to quell the negative effects of an event like this is to be prepared. As for dealing with insurance companies to make your claim.
The increased number and severity of storms with high winds nationally should prompt a reexamination of building codes in every community, says Mory Katz, vice president, Verisk Insurance Solutions Commercial Property, Jersey City, N.J. Eighteen of the top 20 catastrophic events in the U.S. involved wind, he says. read more.
In the event of an injury, the staffing company incurs the cost of workers’ compensation insurance coverage for its temporary employees, and temporary worker injuries also should not affect a company's Experience Modification Rate (EMR).
Large healthcare organizations and industry insiders are following events as they unfold, but most everyday Americans are generally in the dark about what will happen to insurance, benefits and their access to healthcare services.
INSURANCE |. Called their “Spring Creek” event, CFMA chapter presidents from around the country gather for several days of leadership and team building exercises in Arizona. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law.
INSURANCE |. A colleague of mine has even considered not calling his children when a family event occurs, because his kids have generally heard about it two days prior via Facebook. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance.
Under this July 19, 2014 guidance in the event of a default on a residential property PACE loan, the liability is a property tax lien collected by the local government with the priority associated with other real property tax liens. lien) superior to the FHA-insured mortgage for the full outstanding PACE obligation at any time (i.e.,
INSURANCE |. Luckily, because the event was sponsored by CBO, I had the chance to sit in and ask questions of these readers. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. People Management. Green Building. Sales/Marketing.
INSURANCE |. During the boom years, it was unheard of to bring a superintendent into the office for a planning event and definitely far-fetched to have them assist in the estimating process. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance.
INSURANCE |. Each year at this event I’m reminded that collaboration is vital to our construction industry. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. People Management. Green Building. Construction Safety.
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