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A Practical Guide to Insurance & Risk Management ccapoccia Fri, 03/28/2025 - 08:56 In todays complex business landscape, understanding and managing risks is no longer optional.
Why you should work with an insurance broker who understands & takes steps to protect every aspect of your business operations. If your insurance broker is simply negotiating pricing and accepting the terms and conditions offered by carriers and underwriters, it is time to hire a new broker. .
Lower Insurance Costs: A strong safety record can lower your insurance premiums and improve your bottom line. Partnering with the IUPAT provides labor stability through negotiated contracts and structured dispute resolution processes. Peace of Mind: Enjoy the security of knowing you have a stable workforce to rely on.
Common expenses for operating a construction business include labor, materials, insurance, permits, office space, vehicles, trailers and other incidentals. Furthermore, some company expenses are not negotiable and are often the largest portion of mandatory expenses, such as labor costs. Many factors contribute to revenue and expenses.
They should be selling their product, not negotiating with vendors. The big take away from all of these services is that the right commercial facility maintenance can serve as the best insurance policy and save you thousands in facility maintenance costs. If a client has an HVAC issue, they don’t need to research various vendors.
In recent years, more owners have requested that our law firm’s contractor clients purchase an owners and contractors protective liability policy (OCP policy), a type of insurance policy with which many contractors are unfamiliar.'
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.
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.
As a construction lawyer, I deal with payment issues for my clients on a day-to-day basis. There are many tools, tips, and best practices that I wish my clients would use before the problem hits my desk. These negative situations would go a lot smoother or possibly not happen at.
After scouring the newspapers and car lots, he found one on a used car lot that, with a little help on the down payment and insurance, he could afford. So off we went one Saturday to the dealership for an object lesson in the art of used car evaluation and negotiation.
An insurance policy rarely meets every contractor’s needs out of the box. One of the most common endorsements you’ll likely encounter involves additional insured (AI) parties. While it may sound unusual, adding additional insureds is common and extends benefits both to you as a policyholder – and the party being named on the policy.
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.
general and administrative and other overhead costs, insurance costs, bonding and alternative payment protection costs, protective clothing, 5117.9002 Applicability. (a) The contracting officer shall negotiate the modification and make a determination that the price is fair and reasonable. (d) b) Statement of work. (1)
However, when tax dollars are in the mix, I would think that it is difficult to justify not taking the low bid especially if they can provide the bonding and insurance requirements. IPD is a negotiated form of project delivery where risk and reward are shared among the owner, architect, prime contractor, and sometimes even subcontractors.
INSURANCE |. Tip #1: Negotiate Fuel Costs. Before you go down the negotiating path, be sure you know your overall consumption by gallons. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. People Management.
Sensibly, we understand that sharing a budget feels risky because it shows the owners “full hand” so to speak in poker terms and he or she could feel like it reduces the opportunity to negotiate. Also, we will know up front if we need to alternate the scope of the building and by how much after estimating is complete.
Retainage is up for negotiation Retainage is not set in stone. Every contract is negotiable, including what percentage is retained and for how long. BLOG How to Streamline Construction Processes from Planning to Payments Learn more → In addition, the same contract has a provision for negotiating variable retainage.
A contract protects you, your budget, and your property, so make sure to consider the following as you negotiate your agreement: Licensing. While the contractor’s proof of insurance documents may not be attached to the contract itself, you can request that his or her insurance details are stated in the contract.
INSURANCE |. Many contractors negotiate payment due dates with their vendors to get themselves out of short-term cash binds. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. People Management. Green Building. Sales/Marketing.
general and administrative and other overhead costs, insurance costs, bonding and alternative payment protection costs, protective clothing, equipment rental, sales tax and compliance with tax laws, and also contractor’s profit). through discussions and negotiations. d) Negotiations. (1) Statement of work. (1)
You’ll need to purchase your own health insurance and you won’t receive paid sick or vacation days. Because subcontracts are negotiated rather than bid upon, you may not need bonds for subcontracts. Licensing and insurance as a subcontractor are similar to that of a general contractor.
INSURANCE |. – will ultimately determine if you are on the bid list or in the negotiating room for the next project. STRATEGY |. MANAGEMENT |. ACCOUNTING |. SOFTWARE |. MARKETING |. EQUIPMENT |. General Management. Software & Technology. Accounting & Finance. Construction Law. People Management. Green Building. Sales/Marketing.
When a property owner files an insurance claim to cover a restoration or roofing project, the owner typically deals directly with the insurance company. They may not have the funds available to pay the contractor out of pocket, so they’re counting on that insurance check to cover the construction costs. Setting up an AOB.
Liberty Mutual Insurance Company (“Sloan”), the US Court of Appeals for the Third Circuit has an in depth discussion regarding some technical yet very important clauses found within many construction contracts between general contractor, subcontractors, owner and the surety. In a recent decision, Sloan & Company v.
Bringing the general contractor in as early as possible and negotiating with them to manage these challenges for you will ensure a smooth and successful project. Typically, ownership at a multi-use property will set hours for construction work based on peak hours and what’s going on in the building at different times of day.
Indemnification clauses appear in nearly every agreement, but they are often overlooked as mere boilerplate provisions after the parties have painstakingly negotiated all of the other terms. An indemnity clause is often only worth as much as the underlying insurance coverage. Code § 2782; N.Y. Laws § 5-322.1; Code § 13-8-2; Va.
Because of the diversity of views and the divergent interests of all the stakeholders affected by the commercial truck and bus industries, including carriers, safety groups, insurers, police, etc., the USDOT has announced that it intends to undertake a negotiated rule-making or “RegNeg.”.
CL guides Insuring a Construction Project The latest in our Guides to Construction Law series comes from Jessica Tierney of DLA Piper UK LLP who looks at the key types of insurance cover widely used in the industry. which are exercised only rarely despite the expense incurred in negotiating them.
general and administrative and other overhead costs, insurance costs, bonding and alternative payment protection costs, protective clothing, equipment rental, sales tax and compliance with tax laws, and also contractor’s profit). through discussions and negotiations. d) Negotiations. (1) See (e)(2).). (b) b) Statement of work.
Insurance : Various types of insurance that cover both the construction process and long-term property insurance. This early detection can play a vital role in cost control by allowing teams to adjust procurement strategies and negotiate better terms with suppliers before competitors.
These negotiations must precede the JO award/approval and are not allowed on a Change Order basis. Insurance, fringe. 3) The Contractor will be required to stand behind his negotiated price quotation for a minimum period of 30 calendar days from the date of its acceptance by the ORGANIZATION NAME. Field Office Expense.
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.
and liability insurance specialist Brian Hadar from Suncoast Insurance Associates. Each will present their firm’s unique approach to buying in a post-recession market, as well as how they determine strategic acquisition needs, how they identify suitable sellers, and their methods for negotiating deals. and Andrew Ross, Esq.;
Name of their insurance company. • The insurance policy number. Name and number of insurance company contact. Speak with police – If the police or other law enforcement agent responds to the accident scene give them your account of what occurred and your driver’s license and insurance information. Telephone number.
The building owner then enters into a contract for the lease, which is flexible in the terms of the duration of the lease, who will handle maintenance, and who will cover taxes and insurance payments among other things. The developer will then work with the business owner to find the most optimal location for the business.
office, safety equipment, vehicles and fuel, computers, communication devices, printers, software programs, insurance, management fee, final site cleanup and all. When the line items are agreed to it becomes a lump sum firm fixed price contract for that negotiated scope of services. contingencies.
Indemnification clauses appear in nearly every agreement, but they are often overlooked as mere boilerplate provisions after the parties have painstakingly negotiated all of the other terms. An indemnity clause is often only worth as much as the underlying insurance coverage. Code § 2782; N.Y. Laws § 5-322.1; Code § 13-8-2; Va.
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. As always seek the advice of legal counsel when contemplating licensing, contracting, and negotiating.
A contract protects you, your budget, and your property, so make sure to consider the following as you negotiate your agreement: Licensing Be absolutely certain that your contractor has the proper licensing to meet your citys requirements and any licensing required to do specialized work, such as electrical or plumbing.
.” – Giana Morini , Operations Technology Leader, DPR Communicate with internal and external stakeholders Whether you’re communicating your vision and values to your internal team or negotiating prices with suppliers, keeping information flowing smoothly and transparently is essential. Insurance is a big deal.
Guest editor Covid lessons for force majeure and reasonable endeavours Guest Editor Daniel Warren of DLA Piper UK LLP finds a key lesson learned from the Covid pandemic was the importance of properly negotiated and understood force majeure clauses. The pandemic proved the value of collaborative approaches. Limitation Where’s the trigger?
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