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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.
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 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. Legal Documents. Business Plan.
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.
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!
Legal terms explained Tse Wei Lim and Yun Wen Soh of Herbert Smith Freehills LLP explain what decennial liability means. Insurance Good faith in insurance contracts Insurance expert John D Wright explains how the obligation to act in good faith works in insurance law.
Legal terms explained Nick Oury and Maddy Van Every of Herbert Smith Freehills LLP explain IBAs new Site Visit Model Protocol Guest editor Nerves of steel with millions at stake For steel importers facing retrospective duty claims in excess of 25 million due to purported, post-Brexit administrative errors, the battle against HMRC is just beginning.
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.
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.
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.
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.
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.
INSURANCE |. Heck, you get trophies for participating in an event—not winning it. Home Contact Us About Us Subscribe Advertise Legal Disclaimer Site Map -->. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. technology.
Legal Documents Required for Purchase of Property. But we must avoid the problem and legal situation by checking the documents required for buying property. Every construction work begins with legal approval. The actual owner of land legally sets people by way of every power of attorney. Commencement Certificate.
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.
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.
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. Home Contact Us About Us Subscribe Advertise Legal Disclaimer Site Map -->. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |.
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INSURANCE |. Each year at this event I’m reminded that collaboration is vital to our construction industry. Home Contact Us About Us Subscribe Advertise Legal Disclaimer Site Map -->. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance.
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Construction businesses need many different types of insurance to mitigate the risks associated with building projects. Two of the most common insurance policies that contractors have are builder’s risk and general liability, which serve very different purposes. What is builder’s risk insurance?
If a contractor’s work fails after a project is complete, completed operations insurance can help cover some of the expenses. It is sold as an extension to your general liability insurance policy and may be required by the state you work in or the project owner. Learn more: The most common types of insurance policies in construction.
Generally, you have to make sure that you comply with the contract or insurance provisions by: (1) giving written notice of the claim; (2) to the correct party; (3) within the time required; and (4) identifying the event giving rise to the claim. Prove legal entitlement. Identify whether there was loss of productivity.
INSURANCE |. Just like we expect our smart phones to alert us of daily events and provide us with apps that are easily accessible, contractors are expecting more from their machines and software. Home Contact Us About Us Subscribe Advertise Legal Disclaimer Site Map -->. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |.
Legal terms explained Our latest Legal Terms Explained series article from Georgia Di Salle of Herbert Smith Freehills LLP looks at Expert Evidence. Philip Bambagioti of 3PB examines the potentially fatal consequences of failure to build to prevent black mould forming in the event of water ingress.
The hearty list of online services offered by CSLB includes, checking on a license, filing a complaint, the full database of all licensed contractors, processing times, searches for surety bond companies and workers comp insurance companies. I found that the email alerts are very helpful on keeping up with current events and breaking news.
News Our regular news round up includes a call from insurance companies for pilot projects to find investment models for green infrastructure; failure of another legal challenge to the Stonehenge project; and a warning that the new Building Safety Regulator is looking for a high profile prosecution to make a point.
Mealey’s International Arbitration Report recently asked industry experts and leaders for their thoughts on what events had an impact on global economy that have led to an increase in filings. Mealey’s: What, if any, events had an impact on the global economy that have led to increased filings? All rights reserved.].
WILG’s members are committed to improving the quality of legal representation to those injured on the job or victims of occupational illness by superior legal education and by keeping informed of legislative and judicial proceedings. How long have you been with the group? Why did you get involved in helping injured workers?
Unsafe practices on the site could lead to construction delays , legal fees to defend violations , and breach of contract if safety issues are non-compliant with contract terms. . Proper and detailed documentation could make a difference in a legal case in which responsibility for a mishap must be determined.
Equipment rentals allow contractors to shift downtime risk while trimming expenses, including licensing, insurance, taxes and debt, among others. Since Owners are Demanding Designers Carry Higher Insurance Limits, Is a Split-Limit Approach Best? contact us. industry jobs. ENR Subscriber Login ». -->. -->. Transportation. Environment.
Legal Risks. These legal binding documents detail how long the project would last and how much contractors would be paid. Legal risks can include situations wherein a breach of contract occurs. Risk management plans often save companies from going under in the event of an emergency. Guaranteed Safety .
Legal Risks. These legal binding documents detail how long the project would last and how much contractors would be paid. Legal risks can include situations wherein a breach of contract occurs. Risk management plans often save companies from going under in the event of an emergency. Guaranteed Safety .
In any event, there are some lessons to learn when investigating or handling an accident on a construction site. This should include identifying chain of command for notice purposes, identifying internal investigation team members, identifying who will be a company spokesperson, and identifying your risk management team (insurance and legal).
We strongly recommend a Subchapter S Corp (a Sub S) for tax advantages, protecting your personal assets in the event of a claim or lawsuit against your company and for future expansion. Insurance - Is critical to your construction company. Talk to an insurance agent that understands construction about your insurance needs.
Due to this misinformation, many contractors either avoid projects requiring bonds, thus missing great work opportunities; or sometimes even operate without them, which jeopardizes their legal standing and puts their whole company at risk. Currently, the company that provided bonding to Truland, XL Specialty Insurance Co.,
We strongly recommend a Subchapter S Corp (a Sub S) for tax advantages, protecting your personal assets in the event of a claim or lawsuit against your company and for future expansion. Insurance - Is critical to your construction company. Talk to an insurance agent that understands construction about your insurance needs.
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Since Owners are Demanding Designers Carry Higher Insurance Limits, Is a Split-Limit Approach Best? View all reader photos » Events: Outlook 2012 Executive Conference. Click here for complete details » View all Events » Subscribe to ENR | Back Issues | Manage your subscription | Get Top List Plaques.
However, it’s important that when planning a holiday party, the excitement over its positive nature doesn’t get in the way of addressing the many safety and legal risks involved. Medical insurance and workers’ compensation premiums can also take a heavy hit. This is especially true when alcohol is a factor.
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