3 Types of Construction Contract Damages

image credit: Panumas Yanuthai/shutterstock.com

In today’s construction climate, building projects and construction contracts can be extremely complex. A Contractor must become thoroughly familiar and fully understand the contract’s terms and conditions.

Any uncertainty with the provisions in a contract may lead to costly disputes whether the resolution is by way of mediation, arbitration, or litigation. All of these dispute resolution forums can be expensive and time-consuming. The ultimate purpose of dispute resolution is to determine the amount of money the party claiming to be damaged by a contract breach can reasonably expect to recover. 

Read More

Topics: Claims, Contracts

Will My Insurance Cover COVID-19 Claims? (Part 2)

image credit: Guitarfoto studio/shutterstock.com

Last week we began the dialogue on possible COVID-19 claims and what, if any, insurance coverage could be triggered. This week, we will expand that discussion to the following coverages—Pollution, Professional, and Subcontractor Default Insurance (SDI).

Read More

Topics: Claims

Will My Insurance Cover COVID-19 Claims? (Part 1)

image credit: danielfela/shutterstock.com

As the COVID-19 pandemic touches the construction industry at large, there are many questions surrounding insurance coverage on a job site and possible subsequent COVID-19 claims. This series will review some of the more common coverages and things to consider given coverage uncertainty.

Read More

Topics: Claims

Diffusing the Risk of California Workers’ Compensation Litigation

image credit: didesign021/shutterstock.com

Navigating the Workers’ Compensation (WC) system can be confusing and overwhelming. Injured employees need to feel comfortable with the system, with the employer’s response, and with the benefits they are entitled to. When an employee is injured, their livelihood can be seriously affected. Unfortunately, a collective myth exists in the injured worker’s mind that their employment is in jeopardy because of this incident. How stressful is that?

Read More

Topics: Claims, Workers' Compensation

5 Facts About Claims Reserves

image credit: mangostock/shutterstock.com

No matter how safe your company may be, accidents are unfortunately inevitable—and when accidents happen, claims will follow. Did you know when a claim is settled, insurance companies pay the policyholder from a claims reserve? Continue reading this post to learn five important facts about claims reserves.

Read More

Topics: Claims

The Difference Between Occurrence and Claims Made Policies

image credit: designer491/shutterstock.com

Professional liability insurance protects professionals such as attorneys, accountants and consultants. Most professional liability policies only cover economic or financial losses that third parties suffer. Generally, these policies do not cover bodily injury and property damage claims, although there are some exceptions (for example, physicians, engineers and architects). The most common professional liability insurance is errors and omissions insurance (E&O).

Read More

Topics: Claims

Liquidated Damages vs. Consequential Damages

image credit: Sakarin Sawasdinaka/shutterstock.com

The construction industry has its fair share of legal terms, especially when it comes to contracts. Some important ones to understand are those associated with monetary damages. Monetary damages are a sum of money paid as compensation to an injured party by the party at fault or liable for the injury.

While liquidated damages and consequential damages are two of the most common issues negotiated in construction contracts, they are most often misunderstood. Let’s take a closer look at them.

Read More

Topics: Claims, Contracts

California Workers’ Compensation Premium Assessment Changes (Part 2)

image credit: NDT/shutterstock.com

Last week, TSIB discussed California’s Workers’ Compensation Premium Assessments, specifically what they are and where to find them in your insurance policy. This week, we will share how the rates will affect your company.

Read More

Topics: Claims, Workers' Compensation

California Workers’ Compensation Premium Assessment Changes (Part 1)

image credit: Africa Studio/shutterstock.com

In November 2017, the California Department of Industrial Relations issued a notice to “All Insurers Authorized to Transact Workers’ Compensation in California” which explained the 2018 workers’ compensation (WC) premium assessments. The new rates increase the total cost of WC for employers.

Most employers overlook their premium assessments listed on their insurance policy. Why? Let’s take a step back to understand what “premium assessments” are and how they affect WC costs.

Read More

Topics: Claims, Workers' Compensation

12 Claims Best Practices for Your Construction Company (Part 2)

imagecredit: garagestock/shutterstock.com

We hope you enjoyed Twelve Best Claims Practices Your Construction Company Should Follow (Part 1). We’ve given you six effective claims best practices to follow, but there are several other important practices to abide by.

We’re here to help you lower loss rates and premiums, and improve your overall experience modification rating. To ensure your company’s claims management is built for success, here are six additional claims best practices you should know. 

Read More

Topics: Claims