Wage & Hour Coverage: The Hidden Costs of Overtime Pay

Image credit: mohdizzuanroslan/shutterstock.com

One way to identify risks for your company is to look at the insurance industry and what areas they have identified as threats. These are referred to as Emerging Risks and these days, there are plenty of them!

Read More

Topics: Claims, Construction Risk Management

What is a Holdback?


Image credit: g-stockstudio/shutterstock.com

Property insurance policies can be written on a Replacement Cost Valuation (RCV) basis or on an Actual Cost Value (ACV) basis. Replacement Cost Valuation is defined as the cost to replace the damaged property with materials of like kind and quality, without any deduction for depreciation. Conversely, Actual Cash Value entails deducting depreciation, which is the decrease in value of property over a period because of age, wear and tear, or obsolescence, from the replacement cost of the insured property.

Read More

Topics: Claims

Employee Benefits Resources for the Holidays

Image credit: Shutterstock.com/krakenimages

As the holidays approach, and friends & family begin to celebrate, this becomes a time of stress for many. That’s why it’s a good time to remind your employees of their Health Benefits. This simple reminder will not only benefit your employees mentally & emotionally, but it will also help your employees be a more positive person in the workplace.

Here are some tips to share with your employees this holiday season:

Read More

Topics: Employee Benefits

Fall Back on these Safety Tips

Image credit: Zephyr_p/shutterstock.com/

Daylight Saving Time for 2022 is here.

As we experienced the fall back of an hour for Daylight Savings this past Sunday, our sister company, General Contractor Turner Construction, recently shared some valuable safety tips for all construction teams – on and off the job site. We would like to share these safety tips with you.

Read More

Topics: Safety

Combat Auto Liability Claims


Image credit: shutterstock.com/apops

Going into the pandemic Commercial Auto insurance was a very “distressed” line of coverage. The industry was operating at 119% loss ratio through the end of calendar year 2019. Since the pandemic, things have continued to worsen. Insurance carriers are continuing to increase rates, underwriting guidelines have become very stringent, and many carriers are pushing additional responsibilities, and costs, onto policyholders in an attempt to reduce claims exposures and related expenses.

Read More

Topics: Claims, Auto Coverage, Construction Insurance

Surety Bonds and P3s

Image credit: studiolivin/shutterstock.com

Public-Private Partnerships (P3s) involve a challenging combination of new relationships and risk transfers for the private sector. While it has significant benefits for its stakeholders, this alternative construction project delivery model is not without risks. A surety company can provide very useful insights to a general contractor in this endeavor.

Read More

Topics: Surety Bonding, Public-Private Partnership

The 2nd Annual Construction Inclusion Week Kicks-Off

Last year the 6 leading U.S. General Contractors teamed up to create a consortium to help advance diversity, equity, and inclusion in the construction industry. This year, Mortenson, Gilbane, DPR, Turner Construction, Clark Construction, and McCarthy do it again. The 2nd Annual Construction Inclusion Week (CIW) kicks off October 17th and continues through October 21st. The main goal continues to be to create awareness while celebrating diversity, equity, and inclusion throughout the construction industry in offices, craft and jobsite crews, and industry affiliates.

Read More

Topics: TSIB Community, Construction Trends, Diversity Outreach

Information Required to Enroll in a Wrap-Up Program

Image credit: Pormezz/shutterstock.com

Contractor’s working on a Controlled Insurance Program (CIP or Wrap-Up) jobsite, are often required to enroll in the Wrap-Up program. When a contractor submits enrollment information, essentially, they are applying to the program’s insurance carrier for a policy. The program’s carrier analyzes the contractor’s information and the history of any claims. Then the carrier approves or rejects the enrollment based on the level of risk they are willing to incur by insuring the contractor. If the contractor is approved, the carrier will issue the company an insurance policy.

Read More

Topics: Wrap-Up Administration

Property Insurance Rates Are Increasing - How Will Your Building C.O.P.E?

image credit: worawee/shutterstock.com

Property insurance rates have been steadily increasing for the past 18 consecutive quarters. While the worst of these rate increases are behind us, it is still a very difficult market. It is likely that you will see a rate increase at renewal. However, the size of that increase depends on factors such as whether your properties have had any losses and the risk profile of your buildings. There are four property risk characteristics (Construction, Occupancy, Protection and Exposure known as C.O.P.E), that are vital to underwriters when evaluating a submission for property insurance. C.O.P.E. ultimately affects the price you will pay for a commercial property insurance policy. Insurers use this data to identify factors that could cause an insurance company to experience a loss.

Read More

Topics: Property Coverage

The Top 6 Misconceptions About Homeowner Insurance

image credit: Vitalii Vodolazskyi/shutterstock.com

As a homeowner, you know the ups and downs of owning a home. You also know there are some events that are ultimately out of your control. That’s why it's important to minimize your overall insurance risks in your home the best you can. Before purchasing any homeowner’s insurance, here are the top misconceptions about homeowner’s insurance you should know. 

Read More

Topics: Homeowner's Insurance