Knowledge Corner

Image credit: shutterstock.com/g/Petekub

Subcontractor Default Insurance (SDI) provides insurance for general contractors against a default from a subcontractor. It is a risk mitigation tool for General Contractors (GC). The coverage is an alternative to a surety bond and is purchased from an insurance carrier in order to protect the general contractor from the subcontractors they hire. There are two types of default:

Image credit: shutterstock.com/g/chombosan

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 create additional insured coverage, typically, a policy is endorsed to extend coverage to another party. In most cases, there is a requirement that there is a signed, written contract requiring that party to be added to the policy as an additional insured.

Image credit: shutterstock.com/g/chalirmpoj

The auto insurance market in California is in distress. Over the last year, several large insurance companies, such as GEICO, Allstate, and most surprisingly, Liberty Mutual have pulled out of California’s auto insurance market.

Image credit: shutterstock.com/g/apops

Resolving claims is a critical part of claims handling. Understanding any potential claim resolution complications can assist in closing claims quickly and containing costs.

Image credit: shutterstock.com/g/PongWatchara678

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 roles of the involved parties can help the claims settlement process run more smoothly.

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

No matter if you are an Owner, an Agency, or a General Contractor, it’s important that your construction team understands the projects’ diverse business (DB) goals and the good faith obligations if they aren’t met.

Image credit: shutterstock.com/g/SaiArLawKa2
Even though the economy and driving activity has gradually increased to pre-pandemic norms, we are unfortunately still seeing significantly high commercial auto insurance premiums. To reduce the insurance carriers, claim exposure and expenses, they are continually increasing rates, implementing strict underwriting guidelines, and transferring additional responsibilities & cost to policyholders. Despite these challenges, here are 4 steps you can take to ensure safety and minimize risk.

Image credit: shutterstock.com/g/Kite_rin

Earlier this week on Monday January 22nd, news outlets began reporting on a major data leak that has potentially compromised 26 billion records. The allegedly compromised information came from numerous companies, including LinkedIn, X (formerly Twitter), Dropbox, Adobe, Canva, Tencent, and Weibo.

Image credit: shutterstock.com/g/gorodenkoff
Merck and its insurance companies have settled their lawsuit involving a 2017 cyber attack. The litigation involved a dispute about whether a war exclusion applied to a NotPetya cyber attack.