Oops! What You Need To Know About Professional Liability

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Have you ever thought what would happen if you were building a bridge across a river one mile wide and your calculations were “almost” correct but actually off by a mere one degree? You would miss your mark by over 90 feet, which is the distance from Home Plate to First Base at Yankee Stadium.

OOPS!

Insurance coverages help transfer these risks from your company’s balance sheet to the Insurance Carrier.

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Topics: Construction Commercial Insurance

What is a Certificate of Insurance?

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A Certificate of Insurance (COI) provides information on specific insurance coverage. The certificate is proof of the insurance you have and typically contains information on the following:

  • Type of coverage
  • Limit for each coverage
  • Insurance company name
  • Policy number
  • Named Insured
  • Additional Insured(s)
  • Effective policy dates
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Topics: Construction Commercial Insurance

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 Commercial 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 Commercial Insurance

What is Parametric Coverage?

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Is it just me, or do you read the headlines these days and wonder if you are actually reading the plot lines from those “Disaster Movies” that I loved watching when I was a kid?

A major earthquake in Southern California, massive flooding in the farmland, a giant killer storm that takes out Tokyo, or a fast moving wildfire gobbling up acres of prime land by the second—it all seems so fantastical

Except that it is, in fact, real.

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Topics: Construction Commercial Insurance

Insurance Update: House Passes TRIPRA Extension

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After the Terrorist Acts occurred on the World Trade Center back in 2001, the Government passed the Terrorism Risk Insurance Act (TRIA) of 2002. This meant that if the Government deemed an event as a certified act of terrorism, then the Government would reimburse the insurance companies for the losses they paid out for that specific event.

However, if there is an event and the Government does not deem it as a certified act of terrorism, then insurance companies do not get reimbursed for the losses. This could ultimately affect the insured, as they could be at a loss as well since there was no coverage.   

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Topics: Construction Commercial Insurance

Railroad Protective Policies: Keeping Your Jobsite on Track

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If you find yourself working on (or near) the railroad, all the livelong day, odds are you will have to do much more than sing, “Fee Fi Fiddle EE Aye Oh.” Particularly, this is true if you are the one in charge of making sure that all of the appropriate insurance is in place for your project.

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Topics: Construction Commercial Insurance

What is a Wholesale Insurance Broker?

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Did you know your insurance broker may be partnering with a wholesale insurance broker to deliver the best coverage for your company? Not familiar with the term wholesale broker? Keep reading to learn more about the role of a wholesale broker.

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Topics: Construction Commercial Insurance

Safety Advice: 5 Ways to Keep Your Insurance Premiums Low

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When it comes to insurance, most companies are not excited to purchase it. Unfortunately, it is a necessary item for any business owner. Typically, you want good insurance coverage with low costs.

One way to make sure your insurance premium is low is to have a good safety plan. Good safety is the easiest way to lower your insurance premiums. Here are some ideas you can implement into your current safety program that will help lower your insurance premiums:

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Topics: Construction Commercial Insurance, Safety

How Project-Specific PLI & OPPI Protect You from Risk

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As an Owner or Developer embarking on a new construction project, you must plan for a tremendous amount of risks. Some of this risk exposure is a direct result of the professionals and designers you will hire to help complete your project. Let’s explore two options that can offer protection from this third-party risk.

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Topics: Construction Commercial Insurance, OPPI