The TSIB Team

Recent Posts

How Can a Wrap-Up Portal Help Your Project?

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You’ve decided to cover your project with a Wrap-Up Program! Congratulations! You have also partnered with a company to administer your Wrap-up. When reviewing their services, your Wrap Administrator shifts the discussion to their Wrap-Up Portal. You may be asking yourself, what in the world is a Wrap-Up Portal?

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Topics: Wrap-Up Administration

The Advantages of Having Wrap-Up Insurance in New York

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New York’s construction industry presents many challenges from an insurance and risk management standpoint. One way the insurance industry has evolved to remain competitive with rising insurance premiums and high exposure indemnity claims is through the implementation of Wrap-Up Insurance Programs or CIP (Controlled Insurance Programs).

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Topics: Wrap-Up

Contractor’s Pollution Liability vs. Pollution Legal Liability

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As of today, there are 2 dozen carriers offering some type of environmental or pollution coverage. The most common coverages offered are Contractor’s Pollution Liability (CPL) and Pollution Legal Liability (PLL). If you factor in several policy forms each carrier uses—as well as the slew of additional forms and endorsements attached to each policy—the number of combinations and resulting coverage offerings is astronomical.

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Topics: pollution liability

What is Subcontractor Default Insurance (SDI)?

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Subcontractor Default Insurance (SDI) provides insurance for General Contractors against default from a subcontractor. The coverage is an alternative to a surety bond and is purchased from an insurance carrier in order to protect the General Contractor from the subcontractors they hire. To get a stronger understanding of Subcontractor Default Insurance, there are two types of default that you should know about. 

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Topics: Surety

Workers’ Compensation Deductible Plan Options

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A workers’ compensation deductible plan has become a more popular option among contractors. Whether it is a small or large deductible plan, this plan may allow premium savings to your company that can help control your workers’ compensation costs. Continue reading to learn what workers’ compensation deductible plan might work best for you!

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Topics: Workers' compensation

Why Do Contractors Have to Provide Additional Insured Endorsements?

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A common requirement you’ll find in a construction contract is for any hired contractor to provide additional insured status to parties within the contract. The purpose of this requirement is to protect an Owner, General Contractor and/or another Trade Contractor from potential claims that may arise from work the hired contractor is performing. By having the Owner and General Contractor listed as additional insureds on the hired contractor’s policy, this transfers the potential risk for work done back to the hired contractor.

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Topics: Contractors, commercial insurance

4 Keys to Surviving a Hard Excess Market

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The insurance marketplace moves in cycles as the pendulum swings back and forth between low demand and high supply—known as a “soft” market—to high demand and lower supply—known as a “hard” market.

For many years, the excess insurance marketplace was considered “soft,” meaning it was in a growth mode; insureds had access to high limits, low rates, advantageous policy terms, and many participating carriers. The third quarter of 2019 marked a shift in the excess marketplace, as carriers began to retreat, and capacity reduced significantly; carriers reevaluated the profitability of their deployed limits due to deteriorating losses. 

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Topics: Risk

Construction Concerns for 2020 and Beyond (Part 2)

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The forecast that the construction sector will continue its growth pattern reflects the strength of the economy even late in this business cycle. A tremendously strong job market—coupled with low interest rates and a generally robust stock market—are working to ensure that 2020 remains strong overall.

Yet, there are growing concerns that may point to slower growth beyond 2020. A recent economic outlook survey by the National Association of Business Economics put the odds of a U.S. economic recession starting by mid-2020 at 30%, with an estimated increase to 60% by the end of next year.

Here are several potential threats that could affect the robust growth in the construction industry looking forward.

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Topics: construction insurance

Construction Growth for 2020 (Part 1)

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When we look back at the U.S. economy this year, we see it performed reasonably well during the first half of 2019. Job growth for the economy as a whole was at a level that added almost $2MM in additional payroll positions this year. The stock market showed healthy gains and inflation has been kept under control. On a broad scale, the economic growth for 2020 is projected to be 2% at an annualized rate.

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Topics: construction insurance

Does a Workers’ Comp Policy Cover Employees Working In Another State?

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Have you heard the saying, you go where the job is? Well, this rings true for most contractors, as they often find work outside the state where their business is physically located. On the surface, this doesn’t seem like a problem. However, it’s important to understand how working in a variety of states can pose some Worker’s Compensation (WC) insurance challenges for your company if an employee becomes injured. Before doing work in another state, you need to ask, does my WC insurance provide my employees coverage if they are injured in another state?

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Topics: Workers' compensation

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