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Risk Management is the practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact of the risk they impose. Your company can face internal risks and external risks. Examples of internal risk include HR/Labor relations, contractual risk, and succession planning. External risks include regulation changes, competition, and legislation changes, just to name a few.
Topics: Safety, Construction Risk Management
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As the Sponsor (Owner, or General Contractor) for a Wrap-Up program, you should be aware of the types of reporting your Wrap Administrator should be providing. In addition to a daily report with your project’s contractors, other types of reporting are a big part of your Administrator’s duties. It starts with monthly, quarterly, and annual stewardship reports based on the needs of the Sponsor. Critical information in these stewardship reports includes: timelines, open items and responsibilities, loss experience and claim reserves, if available, Wrap-Up Enrollment schedules, any existing or anticipated problems/challenges, and accomplishments.
Topics: Wrap-Up Administration
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As a contractor, you may be wondering if a captive is right for you, as they have recently been gaining in popularity. However, captives are not a new invention and were created in 1962.
Topics: Captive, Alternative Risk Financing
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Have you considered self-insurance as an option for your company’s risks? Self-Insurance plans are when the insured takes the risk on themselves but can decide the level of risk they want to take on. Let’s examine two of the most common self-insurance plans:
Topics: Captive, Alternative Risk Financing, Self-Insurance
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When beginning work on a project, it’s often required that the contractors have surety bonds in place. However, not only can a surety bond protect a contractor, but it can also protect the project owner when there are issues interfering with the completion of a project.
Topics: Surety Bonding
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Shrewd General Contractors (GC) need to consider requiring surety bonds from their first-tier subs. This will help manage a contractor’s risk in any construction project and protect against claims from subcontractors and suppliers further downstream. Establishing and following a rigorous subtrade pre-qualification practice, is a key part of risk management for all contractors. Specifically:
Topics: Surety Bonding
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Have you seen an uptick in auto-related incidents recently? Your company is not alone. From 2016-2021, the average commercial auto claim payments rose by 35%. Such a dramatic spike needs purposeful attention if you have any chance at combatting it.
Topics: Auto Coverage
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As the owner of a large construction project – whether it is a new mixed-use retail space, new hospital or new college library, there are many decisions to make to help the project run smoothly. You have decided to utilize a Wrap-Up, or Controlled Insurance Program (CIP), for your insurance which is a great start.
Topics: Wrap-Up Administration
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A wholesale insurance broker is a type of insurance broker who acts as an intermediary between the retail broker and the insurer. Wholesale brokers place business brought to them by retail brokers and have no direct contact with the insured. The retail broker maintains the relationship with the insured.
Topics: Construction Insurance
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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!
Topics: Claims, Construction Risk Management
