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Sureties are a specialized division within the insurance industry that work with Contractors to underwrite and provide bonds. When working on a construction project, you may be asked to provide a bond. A bond is a three party agreement between the Surety, the project Owner, and the contractor on the project.

There are several different types of bonds, but each is written to guarantee certain contractual obligations and to guarantee the contractor’s duties to the Owner-provided that the Owner fulfills its obligation to the contractor. Below is a list of the most frequent types of bonds:

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Surety bond programs are not a one-size-fits-all for construction companies. This is the reason why we see hundreds of surety companies in the marketplace nationwide, each having their own carved-out niche.

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Accidents happen, and sometimes employees are injured and cannot return to work immediately. It’s important to understand your claim benefits. Workers' Compensation disability benefits provide a portion of your income while you’re unable to work due to a work injury. The type of injury that was sustained (temporary or permanent) will determine your benefit. Below are the 4 types of disability benefits: 

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There are many insurance risks that can affect a construction project. If you’re building in New York, it’s important to know what your risks are and how to protect yourself from major losses. Keep reading to learn a couple of common risks in New York and how to mitigate them.

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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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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?

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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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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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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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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.