This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
How to Prepare for Unexpected Risk Exposure. Either by choice or required by contract or statute, commercial general liability (CGL), workers’ compensation, business auto and inland marine insurance (mobile equipment) are among the most common types of insurance purchased by contractors. Alex Headley. Mon, 09/20/2021 - 07:30.
How to Manage Catastrophic Construction Risk. Manage construction risk on your construction projects better with a CPrL professional liability policy. Elizabeth Manning. Tue, 04/21/2020 - 11:58.
Protecting Against Environmental Risk in Changing Climates. This is on top of the growing array of emerging contaminant liability claims that increasingly plague jobsites and the rise of nuclear verdicts in the casualty line sector that grew by 335% from 2012 to 2019 according to American Transportation Research Institute.
4 Factors to Consider to Mitigate COVID-19 Risk & Liability. This indicates owners face new or different aspects of liability due to the COVID-19 environment. Elizabeth Manning. Fri, 09/25/2020 - 09:32.
Rising Construction Costs Lead to Higher Risks PCF Construction offers insight on current market construction risks and how to take control mhodges Tue, 11/07/2023 - 09:13 One of the most pressing issues in the construction industry today is the unforeseen or unintended increase in risk exposures due to rising construction costs.
Construction business owners undoubtedly have restless nights over business risks associated with operations, not to mention other concerns. But what these individuals often overlook are the uninsured or underinsured risks, such as professional and vicarious liabilities.
What to Know About Bond Liability Before Selling Your Company ccapoccia Fri, 02/09/2024 - 15:37 Contractors selling their business may learn the hard way that not all liability can be easily transferred. Learn some steps that can help mitigate these risks.
This trend has put any construction company that does not use best-in-class safety practices at the risk of being put out of business. 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.
Managing professional liabilityrisks in construction can be difficult. Although not all-inclusive, the following practices should enhance your risk-management strategy and reduce your long-term exposure to unforeseen professional losses.
You have probably been hearing more about the concept of cyber liability from your insurance broker. Your construction firm is not likely selling products or services over the Internet, so you may be wondering why you would need cyber liability insurance. Consider some examples from high-profiles companies.
However, participants should enter this new modeling world recognizing that these opportunities come with costs and risks. Understanding the risks associated with BIM can help contractors manage and make the most of this new technology.'
The supply chain industry is rapidly evolving, making effective supply chain risk management solutions more critical than ever. If youve been keeping an eye on recent industry developments, youve probably seen that Achilles Information Ltd recently acquired Global Risk Management Solutions (GRMS).
BORDENTOWN, NJ (December 12, 2012) – Hundreds of insurance professionals attending the highly successful forum on “Contractors Professional Liability Insurance - A Visit with Underwriters” at the 32nd IRMI Construction Risk Conference in Orlando, Florida were recently rewarded with the expert insights of leading risk management executives discussing (..)
OSHA fines, liabilityrisks, and potential harm to team members are major concernsand all of these issues can often be traced back to insufficient safety training or poorly implemented safety programs. It reduces risks while empowering your team to make smarter, safer decisions every day.
Every business, small or large, that embarks on a construction project needs builder's risk insurance because it typically covers things that property and liability policies don't, legal experts say.
All these pose risks to the health of these workers. . It also ensures you’re not spending money on hospital bills, treating injured workers, and legal liabilities. . When recruiting new workers, ensure they know all the risks they may encounter with their work. Inspect Your Machines Regularly.
Securities and Exchange Commission voted 3 to 1 to issue a long awaited proposed new rule to mandate climate risk disclosures by public companies and other businesses in their supply chains. including if a company has committed to be carbon neutral by 2030, or the like [something that is today de rigueur]).
The indemnity provision protects an owner or general contractor from exposure to liability if a loss occurs during construction. But if they're not structured properly, you could be at risk. Read all you need to know here. . .
After offices and other places of business reopen following COVID-19 shutdowns , tenants and owners face increased legal liability, and property insurance plans may not cover this risk.
Ethics, There seems to be a growing trend in the construction industry whereby project owners are placing all risk on the design professional or contractor. Owners are assuming less and less risk exposure through contract provisions that assign risk away from them. Regards, Mr. Ethics
Ethics, There seems to be a growing trend in the construction industry whereby project owners are placing all risk on the design professional or contractor. Owners are assuming less and less risk exposure through contract provisions that assign risk away from them. Regards, Mr. Ethics
Ethics, There seems to be a growing trend in the construction industry whereby project owners are placing all risk on the design professional or contractor. Owners are assuming less and less risk exposure through contract provisions that assign risk away from them. Regards, Mr. Ethics'
There are numerous ways that contract parties can shift the risk of certain types of losses between each other. Such agreements often appear in circumstances in which one party's services or activities may expose another party to a liability.
Worries about legal liability have long dogged the sustainable building movement, but insurance expert Karen Erger (Locton Companies) and attorney Eric Singer (Ice Miller LLP) say sustainability lawsuits are caused by the same types of issues that have always prompted clients to sue AEC firms. read more.
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).
Business owners are concerned about the electronic frontier we now live in and the liabilities that we all face because of it. By alleviating or limiting a wide range of risks, this flexible and customizable tool can help improve prevention practices.'
Construction projects, by their very nature, involve a significant degree of risk. From safety hazards to contractual disputes, the industry faces numerous liability issues that can lead to costly legal battles, project delays, and financial losses. Common Construction Liability Issues 1.
How a company assesses and plans for climate-related risks may have a significant impact on its future financial performance and investors’ return on their investment in the company. The proposed rules contain a “safe harbor” for liability for Scope 3 emissions disclosure. Is your organization ready? Change is difficult for everyone.
Having snow removal insurance is important, considering the risks and dangers of snow removal and deicing. Because of their nature of work, snow removal contractors are usually exposed to many risks, which may include anything from third-party injuries to equipment. Usually, more business means more liabilityrisks.
business seeking to mitigate the risk associated with data protection. And the power utilities protect themselves from liability related to data. Many of those local laws are poorly drafted and do not insulate the reporting parties from liability for errors, harmless or otherwise. Because the U.S. The fix is very easy.
Entitled Keys to Managing Green Construction Risks, Liability and Litigation , this program will focus on the key concerns and solutions to the ever changing green construction culture. For more information on this program, click here. I hope to hear from you on the webinar.
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?
As a contractor, you likely know that your business is always at risk. 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? General Liability Insurance.
Those responses are not inconsistent with and, in fact, should be considered concomitantly with the conclusion, having worked on LEED projects since 2001, that the second best way to mitigate risk and avoid liability in sustainable building is a green building consultant working for the owner.
As use of the technology expands, contractors, subs and other stakeholders should heed the safety and liabilityrisks involved, an aviation attorney writes.
These new laws are the Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 and the Limited Liability Partnerships (Climate-related Financial Disclosure) Regulations 2022. the principal climate-related risks and opportunities arising in connection with the company’s operations, and.
Make sure you know your stuff when it comes to project planning and risk assessment so that everyone knows what’s expected of them. Risk Management Strategies When it comes to starting a construction or trading business, risk management is essential for success.
General contractors, subcontractors and business owners risk substantial financial loss if they enter into contracts that are not supported by their insurance program.
Slivka helped launch the company in 2005 and has since grown into an award-winning, specialty intermediary of environmental and construction-related professional liability insurance coverages and risk management services.
Professional liability insurance provides contractors coverage from financial losses that happen as a result of their errors, mistakes, or negligence. In that case, professional liability insurance would generally provide the plumber with reimbursement for legal fees, settlements, and judgments.
Is Your Construction Team Prepared for Cyber Risks? While there are several cyber risks to monitor, ransomware and business email compromise attacks are two of the most common challenges we see contractors faced within our roles at Sentry Insurance. Mon, 12/07/2020 - 06:00. The account would then divert funds to the criminal instead.
We organize all of the trending information in your field so you don't have to. Join 116,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content