In a time of critical and serious claims involving a crisis event, do you have a plan? Do you know who to call or what to do? If you have a fatality...
This year TSIB employees spent time volunteering with the Caring for the Hungry and Homeless of Peekskill (CHHOP), located in New York. Approximately...
What is an Additional Insured Endorsement? First, to understand what an Additional Insured Endorsement is, we must look at what it means to be...
Recently TSIB employees in the New Jersey Office spent time volunteering with The Community Food Bank of NJ (CFBNJ). More than 44M people in the U.S....
All industries have different phrases or acronyms that are used daily. Sometimes it can be a little confusing! To help you keep them all straight,...
You worked hard to manage an acceptable outcome for your insurance renewal, answered countless underwriting queries, finally give your broker the...
The Department of Labor (DOL) increased the minimum salary thresholds for employees covered by overtime exemptions under the Fair Labor Standards Act...
The construction industry’s commitment to sustainability has been steadily growing over the past decade. With the goal of decreasing its...
Generative Artificial Intelligence (AI) has begun to transition from innovation into a useful tool in many different fields, particularly the...
Subcontractor Default Insurance (SDI) provides insurance for general contractors against a default from a subcontractor. It is a risk mitigation tool...
Additional insured (AI) coverage is a common trigger of coverage disputes. The fact of the matter is that not all AI forms are created equally. To...
The auto insurance market in California is in distress. Over the last year, several large insurance companies, such as GEICO, Allstate, and most...
Resolving claims is a critical part of claims handling. Understanding any potential claim resolution complications can assist in closing claims...
Facing a large property loss, like a building or auto loss/damage due to fire, weather, or flooding can be daunting for an insured. Understanding the...
No matter if you are an Owner, an Agency, or a General Contractor, it’s important that your construction team understands the projects’ diverse...
Even though the economy and driving activity has gradually increased to pre-pandemic norms, we are unfortunately still seeing significantly high...
Earlier this week on Monday January 22nd, news outlets began reporting on a major data leak that has potentially compromised 26 billion records. The...
Merck and its insurance companies have settled their lawsuit involving a 2017 cyber attack. The litigation involved a dispute about whether a war...
First time enrolling in a Wrap-Up insurance program? Here are 4 items you should have available to expedite the enrollment process with any Wrap...
As we prepare ourselves for the upcoming new year, it is important to look ahead to potential opportunities in the Insurance Industry. Insurance...
When you think of insurance, most of the time you don’t think of fun. However, there are some words that just make you smile when you hear them. Here...
You’ve been awarded a contract on a project that is being covered by Controlled Insurance Program (CIP), or more commonly known as a Wrap-Up. The...
AI, or Artificial Intelligence, is a form of technology that is built to mirror the human mind. AI is focused on taking basic human functions such as...
In recent years, large Builder’s Risk policies have included coverage terms from the London Engineering Group (LEG) that expand coverage by...
Standalone, private terrorism policies from insurance companies have become an alternative to TRIA and have gained in popularity over the past...
TSIB along with various other Brokers, General Contractors, Trade Partners, etc. is gearing up for the annual Construction Inclusion Week (CIW). This...
Terrorism insurance provides businesses with protection against the unpredictable nature of a terrorist attack. An act of terrorism can occur...
When your company starts working on a Wrap-Up, it’s helpful to gather all the required documentation you need ahead of time. This will help make your...
Last year, an Eleventh Circuit ruling in Cincinnati Specialty Underwriters, Ins. Co v KNS Group (11th Cir. Oct. 2022) addressed issues related to...
Once you’ve properly defined the risk being considered for a Wrap-Up, you’ll work with your broker to develop a marketing submission that will be...
A Wrap-Up is an incredible tool that manages the risk presented by a construction project. This tool also returns a significant part of the project...
A federal appeals court ruled that Zurich Insurance was correct in denying coverage to Harvard University because of “lack of timely notice.”
The construction workforce shortage is a growing concern for the industry. With contractors competing against each other to fill vacant positions,...
In 1999, former New York Governor George Pataki enacted the Construction Employment Payroll Limitation Law. This law provides a more equitable way to...
The opportunities for females in the construction industry has increased in recent years, going against the stereotype that construction is a...
Trying to find the right HVAC contractor for your commercial or residential needs can sometimes be a very stressful process. There are many...
Real Estate development is a business process that focuses on the overall development and renovation of a property, whether that is an existing...
Mental health is an important part of today’s society. People all around the world have made it a priority to begin to raise awareness regarding...
As Pride Month is coming to an end, now is a good time to ensure your company’s health benefits package represents your entire workforce. Healthcare...
Many active bond users can sometimes be limited in their bonding potential. These limitations occur differently depending on the bond program. There...
In today’s digital world, companies are looking to gather information on people who visit their website and social media platforms. This often allows...
If you are an insurance broker, it might seem counter-intuitive to reach out to another brokerage for help with an existing client. However, it is...
Surety bond underwriting is essentially the pre-approval and evaluation of the two bond performance requirements. These requirements were determined...
So, you’ve decided on a Wrap-Up for your next project. You know your broker can secure the policies needed for a Wrap-Up. But that’s just part of the...
A key factor when considering a CIP or Wrap-Up is having the broker conduct a feasibility study for the Wrap-Up Sponsor. A feasibility study is a...
Expensive insurance premiums are often buried into the cost of your building projects. This can add millions to what you pay and provide little...
As a contractor working in the HVAC industry, you find there is always a demand for heating and cooling services. Each household and business have...
Construction projects present unique risks and complexities that are a distinct departure from your overall insurance needs as a real estate...
On March 24, 2023, Florida’s governor signed a new tort reform bill (H.R. 837) into law (the “Act”). The Act changes areas of Florida law that have...
Imagine purchasing products that are deceptively difficult to understand and how much it should actually cost. There is a Latin phrase, “Caveat...
The popularity around utilizing resilience as a risk management tool is growing. Resilience can be defined as reducing the impact of a disturbance....
We’ve all heard of the Infrastructure Investment and Jobs Act (IIJA) that provides $1.2 trillion in Federal funds for transportation infrastructure,...
When dealing with Workers’ Compensation insurance, there are two components to the insurance policies. The first part consists of Workers’...
As a contractor, when enrolling into a CIP or Wrap-Up program, there is often enrollment paperwork that needs to be completed before a contractor can...
Builder’s Risk is a type of property insurance that focuses on providing coverage for buildings during the construction process. This insurance plan...
Risk Management is the practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact of the risk they...
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...
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...
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...
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...
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...
Have you seen an uptick in auto-related incidents recently? Your company is not alone. From 2016-2021, the average commercial auto claim payments...
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...
A wholesale insurance broker is a type of insurance broker who acts as an intermediary between the retail broker and the insurer. Wholesale brokers...
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...
Property insurance policies can be written on a Replacement Cost Valuation (RCV) basis or on an Actual Cost Value (ACV) basis. Replacement Cost...
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...
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...
Going into the pandemic Commercial Auto insurance was a very “distressed” line of coverage. The industry was operating at 119% loss ratio through the...
Public-Private Partnerships (P3s) involve a challenging combination of new relationships and risk transfers for the private sector. While it has...
Last year the 6 leading U.S. General Contractors teamed up to create a consortium to help advance diversity, equity, and inclusion in the...
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...
Property insurance rates have been steadily increasing for the past 18 consecutive quarters. While the worst of these rate increases are behind us,...
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 goes without saying that attracting and retaining quality employees is one of, if not the biggest challenge faced by Private Security Firms....
37% of Americans are not saving for retirement. Only 4 in 10 businesses with less than 100 employees offer retirement benefits. These are sobering...
Accidents are inevitable, but lessons learned are valuable tools to help prevent similar accidents from happening in the future. Critical analysis...
Insurance language is filled with nuance. Often two terms can appear to have the same meaning, but in practice are different. Unfortunately, these...
There are two ways that you can buy additional insurance limits. One is an Excess Liability policy, and the other is an Umbrella Liability policy. An...
Recent news reports out of Florida are forecasting that more than 17 homeowner insurers are facing rating downgrades for the state’s struggling...
Surety bonds are instruments that have been around for well over 100 years, in fact Suretyship, or guarantees, have been around for centuries. While...
Surety bonds are instruments that have been around for well over 100 years, in fact Suretyship, or guarantees, have been around for centuries. While...
There are dozens of carriers offering a form of environmental or pollution coverage and the most common include Pollution Legal Liability (PLL) and...
Whether you are a General Contractor, Subcontractor, or Property Owner, your business risk is covered by a variety of insurance coverages – Workers’...
We have all seen the TV ads about mechanical breakdown insurance for your personal vehicle. You may be thinking: What is Car Repair Insurance? Is...
As a contractor, you should be aware if your corporate insurance policy has a Wrap-Up Exclusion. This exclusion can potentially create issues for you...
Every year TSIB works with an organization that positively impacts our communities. This year we chose to work with Project Sunshine.
Deciding the type of insurance plan can be frustrating. Ultimately you want the best coverage, for the most cost-effective price. There are different...
Insurance is usually one of the last things companies want to talk about. It’s not fun or exciting, it’s simply a means to transferring risk. The...
Having an effective closeout strategy is critical to successfully completing your Wrap-Up program. The overall process of a program closeout starts...
As a broker, you may have a client who would benefit from a Wrap-Up project. Unfortunately, your brokerage firm doesn’t place or administrator...
On projects with diversity goals, regulations require that certified firms provide meaningful participation, in other words, they must provide a...
One of our recent posts, “What Does MWBE Fraud Look Like?” introduced the concept of common fraudulent “schemes” that can occur regarding goal...
Have you heard of a supply scheme? If we revisit one of our past posts, “What Does MWBE Fraud Look Like?”, it introduces supply schemes along with...
Fraudulent schemes have become increasingly commonplace in relation to goal requirements for certified MWBE’s (Minority, Women, and Disadvantaged...
As a business owner bidding on projects with diversity requirements, there is more to concern yourself with than simply submitting a competitive bid....
Over the last few weeks, our posts have discussed different types of fraud schemes that might occur in relation to goal requirements for certified...
There is a windfall of new construction projects coming due to an infrastructure bill that President Biden signed into law in 2021. The bill...
Contracts are often complicated and if you are not an expert in reading them, sometimes important details can be overlooked. There are significant...
The Industrial and Commercial Abatement Program (ICAP) provides a reduction of property taxes for construction, alterations, or improvements on...
With the Russian invasion of Ukraine, the insurance industry is bracing for the potential of Russian hacking activity that will target U.S....
Understanding how insurance cost savings work on a Controlled Insurance Program (CIP), also known as a Wrap-Up, and who retains the risk/reward is...
With sanctions against Russia starting to take effect as a result of the Russian/Ukrainian situation, there is an increased cyber security threat....
As a California Employer, you are familiar with the CalSavers Retirement Savings Trust Act passed in 2016. As of June 30, 2022, this state-run...
Regardless of the structure selected for your project, implementing a CIP is a unique way to manage a multitude of insurance challenges that arise on...
On December 31, 2021, New York enacted into law the most extensive liability insurance disclosure requirements in the country. Defendants in New York...
Planning ahead is the best strategy you can use when it comes to your Employee Benefits Program. Typically, in a renewal cycle, there are three major...
Due to the 1985 hard insurance market, Congress passed the Liability Risk Retention Act of 1986. The act allowed the authorization to purchase group...
Recently, Alternative Risk Financing options are gaining more attention. Before discounting these options, take a look into Captives. Companies that...
As a policyholder, you may recognize that there are some California Workers’ Compensation Premium Assessment Rate changes. In 2022, policyholders can...
Which coverage do I need – Excess Liability or Umbrella Liability? Both? Neither? Your construction company has all the necessary insurance coverage...
When it comes to risk financing for Contractors, there are a variety of methods that can be used to fund “hazard” losses. From Large Deductible...
In a contract, you are contractually bound by the indemnification article to pay for liabilities in whatever form you prefer. Payment of potential...
The goal of having a Risk Management Plan in place is to minimize your company’s risk. This protects you, your company, and your employees.
Implementing a sound Risk Management program for your construction firm is necessary. Protecting your Business Risks, Strategic Risks, Financial...
Have you wondered why your construction company is paying $X for your insurance premium while another firm is paying $Y? An insurance premium is the...
As a Contractor, you wear a lot of hats – salesperson, customer service, quality control, etc. You understand you cannot be satisfied with the status...
With your insurance program’s term coming to an end, you might be starting to think about your upcoming renewal. It might seem easier to stick with...
In this ever-changing climate, it is critical to be prepared ahead of time for events like liability claims, major accidents, community crises,...
Whether your insurance renewal is this month or next year, it’s important to work with your Broker and submit a complete market submission. TSIB has...
With Carriers having a low underwriting capacity, right now it’s important to provide a “Best in Class” market submission at your upcoming insurance...
October generally means pumpkins, brisk weather, and leaf peeping. But did you know October is also Cybersecurity Security Awareness month? Before we...
Over these past couple of years, there has been a shift for companies and brands to be more inclusive. Often, it’s a lot of talk with some action...
As a construction firm, you have probably faced your share of claims. Unfortunately, it’s part of the job. Have you found yourself on hold with a...
If you happen to be a contractor who does work in New York (NY), Labor Law is a major factor in your insurance costs. The law puts absolute liability...
As Wrap-Up Programs continue to become more popular, chances are, you have already found yourself enrolled in one. Make sure you have spoken to your...
If this is your first Construction project, finding the right insurance program is the key to the project’s success. Traditionally, Project Owners...
Managing your company’s cash flow is extremely important. Unforeseen problems will arise, but if you have a proper cash flow management system in...
In the construction industry, there are times when Contractor default occurs. Unfortunately, defaults are not always foreseeable or manageable. Here...
You’ve heard the saying, cash is king? Well, it really is. Managing your cash flow is key to your success in the construction industry. As a...
Having a Safety Manual is extremely important for your company and your employees. It guides all on what your company deems to be safe and the...
In order to receive credit for your project's compliance requirements by hiring Disadvantaged Business Enterprises (DBEs), you must showcase that the...
There are two ways to fulfill diversity goals: Achieve the goal Document & track the efforts taken in case the goal is not fulfilled
The rise of ransomware attacks in all industries is alarming and unfortunately has become an easy “payday” for cybercriminals. There are many types...
We are seeing an explosion of technology as our devices become more powerful and less expensive. Companies are taking advantage of our voracious...
Minimizing your construction job site's risk is the key to having a successful project. To achieve this, having a good Safety and Loss Control...
It’s simply not enough to assume your employees are working safely on a job site. Accidents will happen, but there are ways your company can help...
Based on the article Global Construction shared in early June, an agreement was signed ending the court case brought by both the State of California...
Almost 20% of all firms are owned by women according to the 2018 Census. That number has been increasing over the years, especially in construction.
Many construction projects have both State & Federal Diversity participation goals that Owners, General Contractors, and even Prime Contractors are...
As we move to a more digital world, cyber-attacks are becoming the norm. Luckily, there are a few different ways to safeguard your company’s systems,...
With the middle of the year and the end of the 2nd Quarter quickly approaching, as a construction firm Owner, make sure you are reviewing your...
When it comes to growing your construction company, we often associate success with money. The more money we make, the more successful our company....
Misunderstandings about mental health have led to a negative stigma about it. This stigma has prevented employees from obtaining the proper care they...
In 2020, the insurance industry not only dealt with the Hard Market but also faced a lot of new challenges. One of the most prominent ones being,...
As in any healthy, productive personal relationship, both partners must be active participants working towards a common goal(s). If one partner is...
Risk is everywhere. As a construction Owner, you have had to navigate your risks and exposures in the office and on the job site. Unfortunately,...
No matter what type of company you own, there will always be some sort of risk. Taking a risk is inevitable in order to bring your company to the...
As a construction Owner, no matter your company’s size, you are constantly taking risks. It’s part of your nature as an Entrepreneur. However, there...
Every construction project presents a host of potential risks that need to be addressed. Although it’s no guarantee that you can eliminate all of...
As the Insurance Hard Market continues, Carriers are reducing their appetite for risk. This means Carriers are not insuring:
As your company’s insurance premiums start to renew, it’s important to understand that price increases are occurring because of the Insurance Hard...
As a Contractor, you are familiar with stiff competition, slim profit margins, and severe weather working conditions. One thing that you might not...
The National Association of Women in Construction (NAWIC) and Safe Site Check-In shared the results of a workforce survey. This survey consisted of...
There can be a myriad of problems when a Contractor cannot fulfill its contractual obligation in connection with a construction project. This puts...
Employment Practices Liability Insurance (EPLI) policies are taking the spotlight in regards to claims related to COVID-19. EPLI is a type of...
It can be hard to find good employees. So when you do, it’s important that you keep them. One way to accomplish this is to offer a good benefits...
Accidents happen. Sometimes no matter how safe your company is, a claim can occur. It’s important that as an Owner/General Contractor your team knows...
If we have learned anything from COVID-19, it is that we all need to prioritize our mental health. As an employer, you might not think you should...
An unexpected construction trend resulting from the Pandemic is the increase in modular construction. This method is a type of prefab construction....
The COVID-19 pandemic has caused many companies to shift their work environments. As we enter 2021, many employees are still in a hybrid...
Small businesses in the United Kingdom (U.K.) celebrated a tremendous victory in the courts on Friday, January 15, 2021. The U.K. Supreme Court...
It’s evident that the cost of an insurance program rarely goes down. Unfortunately, being in a Hard Market, we’ve seen insurance coverage rates...
As we begin 2021, we reflect on everything that happened this past year - from a global pandemic to civil unrest to natural catastrophes. Through all...
As a business owner, you have a lot to manage. Some things you might do on ‘auto-pilot’ just because you have always done them that way. Does...
Is this the first time your company needs to enroll in a Wrap-Up program? As you fill out the paperwork, you will need to know what your Risk ID...
Wrap-Ups are a great risk management tool for large construction projects. There are many moving parts of a Wrap-Up program, which can seem...
A Controlled Insurance Program (CIP, also known as a Wrap-Up) is a smart risk management tool for any construction project. However, before the first...
Once you have decided to utilize a Wrap-Up program on your construction project, it’s important to decide who will Sponsor the program. Determining...
On Thursday 11/20/2020, the Cal/OSHA Standards Board approved emergency regulations for a COVID-19 Prevention Plan that will go into effect on Friday...
You have decided to utilize a Controlled Insurance Program (CIP, also known as a Wrap-Up) for your construction project. That’s great! Now deciding...
Wrap-Up Insurance Programs are an attractive alternative to insure a project. These programs allow for the Purchaser (typically an Owner, Developer,...
What is an EMR? The best way to understand EMR (Experience Modification Rate) is to think of it as a Credit Score. With a Credit Score, there are...
The fiscal year-end for many companies is just around the corner. Subsequently, now is a good time to begin tax planning while keeping in mind how...
In the construction industry, Surety bonds are often an important part of a project. They help keep a project on track and ensure that there is a...
Subrogation is a circumstance where an entity (Surety) is substituted into the place of another entity (the Principal) with regard to a claim or...
This article was written by TSIB’s Jeremy Pendergast and is published in the Construction News from Austin, Texas- Construction News October 2020...
An unprecedented court ruling regarding business interruption insurance claims impacted by COVID-19 ‘across the pond’ has many insurers and insureds...
Over the course of a construction project, Contractors may be asked to submit two different types of payroll for work performed on a particular...
Initially, courts dealt with a dearth of sophistication when determining the responsibility for the concurrent delay in the assessment of liquidated...
Congratulations! You and your lower-tier Trade Contractors have finished all of your work on the project site. Today, we will discuss the closeout...
Despite the fact there is a set project schedule, we often find that construction projects are delayed and finish later than expected. As a result,...
The construction industry has started picking up the pieces from COVID-19. Together, we have learned new lessons and developed new strategies for the...
Managing Worker’s Compensation (WC) claims for your employees can be complex and tricky. Here is a breakdown of the claims process to assist you in...
The COVID-19 pandemic continues to have the most significant and widespread economic impact since World War II. Unfortunately, there are no...
Wrap-Up programs often provide Excess coverage to Trade Contractors while working on the project. This allows the program Sponsor (Owner or General...
Construction contracts can be overwhelming when you’re not looking at them every day. That’s why it’s important to understand your contract and the...
If you find yourself working on a Wrap-Up, there are often documents that need to be completed prior to starting on the project site. Typically, the...
In today’s construction climate, building projects and construction contracts can be extremely complex. A Contractor must become thoroughly familiar...
Pollution incidents can occur while working on a job site. Air pollutants—such as the dust from land clearing, demolition, burning, etc.—and/or...
Last week, we learned about calculating your company’s Return on Investment (ROI). We discussed that, in general, the lower the risk, the lower the...
What is the appropriate compensation for the Owner of a construction firm? Is a healthy salary plus expenses enough to justify the business risk that...
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...
In Part 1, we discussed the major difference between Liability Insurance and Performance Bonds. In addition, we reviewed the steps the Surety must...
Depending on the type of construction project, the General Contractor may be required to provide both General Liability (GL) coverage along with...
Ransomware, malware, and data breaches have become part of today’s business vernacular. It may seem like the big-name consumer brands are the only...
If you stop and think about it for a moment, why does anyone refer back to a contract? It’s, unfortunately, when a problem arises. Depending on what...
Last week we explored the types of financial ratios available to the Contractor and began investigating liquidity ratios. This week, we will continue...
Financial statements report the condition of a construction company and serve as a basic measurement of the company’s strength or weakness. To...
Triggering a Force Majeure is about living by the exact words. These clauses are typically interpreted with a very narrow view. The words are...