Knowledge Corner

Image credit: shutterstock.com/g/Freedomz

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 Wrap-Up picture. Are you sure your broker can properly manage the Wrap Administration duties?

Often Owners, General Contractors (GC), and Trade Contractors think Wrap Administration occurs only during actual on-site construction. That’s just not true. 

For a Wrap-Up to be successful administratively, it requires a seamless and supportive approach all the way through from pre-construction, construction, closeout, and post-construction. As such, make sure your broker can provide a dedicated Wrap Administration Service Team ready to help throughout the entire construction project.

What duties should the Wrap Administration Service Team be prepared to do?

Image credit: shutterstock.com/g/d8nn

Image credit: shutterstock.com/g/YokPiyapong042

Image credit: shutterstock.com/g/Tong_stocke

Image credit: shutterstock.com/g/Narin++Nonthamand

Image credit: shutterstock.com/g/PanuShot

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 previously been viewed as favoring tort plaintiffs and insurance policyholders. The changes primarily relate to the timing of negligence actions and the mechanics of proving and recovering damages in personal injury and insurance lawsuits. In anticipation of the Act’s passage, plaintiffs have rushed to file lawsuits before the new law takes effect.

Image credit: shutterstock.com/g/stockbroker

Imagine purchasing products that are deceptively difficult to understand and how much it should actually cost. There is a Latin phrase, “Caveat Emptor” which commonly translates to “let the buyer beware.” In fact, there are many legal disclaimers that are used in contracts to make sure all parties know that it is the responsibility of the “buyer” to do their due diligence before purchasing a product.  

Image credit: shutterstock.com/g/Chaisiri+tiawsiri

The popularity around utilizing resilience as a risk management tool is growing. Resilience can be defined as reducing the impact of a disturbance. When facing natural catastrophes, insurance is an important technique that is used to help us rebuild. Resilience is the ability to “bounce back.”

Imagecredit: shutterstock.com/g/Bannafarsai

We’ve all heard of the Infrastructure Investment and Jobs Act (IIJA) that provides $1.2 trillion in Federal funds for transportation infrastructure, resiliency, and environmental improvements. These monies started to subsidize projects last year, and a 16% increase for civil construction is expected this year.