The TSIB Team

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

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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.

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Topics: Property Coverage

The Top 6 Misconceptions About Homeowner Insurance

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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. 

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Topics: Homeowner's Insurance

Lack of Good Talent in the Security Industry Turns Risky

It goes without saying that attracting and retaining quality employees is one of, if not the biggest challenge faced by Private Security Firms. Historically, the Security Industry has suffered from having a high rate of employee turnover and the COVID-19 pandemic has only made turnover worse. Whenever we see a business or an industry with exceptionally high employee turnover, one of the unfortunate outcomes is an increased frequency of labor and employment litigation. While Private Security Firms in every state are subject to potential allegations of wrongful employment action, Private Security firms in overly litigious states such as California, Florida, New Jersey, New York, and Ohio are especially at risk.

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Topics: Employment Practice Liability

What are State-mandated Retirement Plans?

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37% of Americans are not saving for retirement. Only 4 in 10 businesses with less than 100 employees offer retirement benefits. These are sobering statistics. In response to these stats, state governments are taking action. They are passing legislation to require small businesses to provide their employees with some type of retirement plan. Employers satisfy this requirement by either enrolling their employees into a state-sponsored retirement program or sponsoring their own plan (ex., 401K) via the private market. The state-sponsored program is normally a Roth IRA.

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Topics: Employee Benefits

How to Analyze a Jobsite Accident


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Accidents are inevitable, but lessons learned are valuable tools to help prevent similar accidents from happening in the future. Critical analysis post-accident and implementation of proper safety measures can yield positive results. Reduced accidents can yield a lower workers’ compensation modification, reduced insurance costs, and the ability to competitively bid for more jobs.

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Topics: EMR, Claims, Safety

Insurance Policies: Umbrella Liability vs Excess Liability

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Insurance language is filled with nuance. Often two terms can appear to have the same meaning, but in practice are different. Unfortunately, these differences are enough to potentially cause the insured problems if the wrong policy is purchased.

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Topics: Construction Insurance

What is Umbrella Liability?

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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 Umbrella policy is a type of Excess Liability insurance. Often, people interchange the two and confuse these coverages but there are differences. It is important to know the difference between the two coverages, continue reading for a further breakdown of Umbrella Liability.

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Topics: Construction Insurance

A Perfect Storm for Homeowner’s Insurance is Brewing in Florida

 

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Recent news reports out of Florida are forecasting that more than 17 homeowner insurers are facing rating downgrades for the state’s struggling insurance wind pool. As Florida homeowners are receiving non-renewals and staggering insurance premiums, the emerging picture is grim as NOAA predicts above-normal hurricanes from global warming. The uninsured and underinsured homeowners are being pummeled by named storms coming ashore, which can have devastating financial consequences.

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Topics: Construction Trends

Writing an incident Report - Step 1: Facts

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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 is classified as a form of insurance because of capital requirements, it is treated more like a banking instrument since a contractor must qualify for a “surety credit”.

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Topics: Surety Bonding

Surety Bonds 101

Image credit: Bannafarsai/Shutterstock

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 is classified as a form of insurance because of capital requirements, it is treated more like a banking instrument since a contractor must qualify for a “surety credit”.

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Topics: Surety Bonding