Knowledge Corner

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Property insurance policies can be written on a Replacement Cost Valuation (RCV) basis or on an Actual Cost Value (ACV) basis. Replacement Cost Valuation is defined as the cost to replace the damaged property with materials of like kind and quality, without any deduction for depreciation. Conversely, Actual Cash Value entails deducting depreciation, which is the decrease in value of property over a period because of age, wear and tear, or obsolescence, from the replacement cost of the insured property.

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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 employees of their Health Benefits. This simple reminder will not only benefit your employees mentally & emotionally, but it will also help your employees be a more positive person in the workplace.

Here are some tips to share with your employees this holiday season:

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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 Contractor Turner Construction, recently shared some valuable safety tips for all construction teams – on and off the job site. We would like to share these safety tips with you.

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Going into the pandemic Commercial Auto insurance was a very “distressed” line of coverage. The industry was operating at 119% loss ratio through the end of calendar year 2019. Since the pandemic, things have continued to worsen. Insurance carriers are continuing to increase rates, underwriting guidelines have become very stringent, and many carriers are pushing additional responsibilities, and costs, onto policyholders in an attempt to reduce claims exposures and related expenses.

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Public-Private Partnerships (P3s) involve a challenging combination of new relationships and risk transfers for the private sector. While it has significant benefits for its stakeholders, this alternative construction project delivery model is not without risks. A surety company can provide very useful insights to a general contractor in this endeavor.

Last year the 6 leading U.S. General Contractors teamed up to create a consortium to help advance diversity, equity, and inclusion in the construction industry. This year, Mortenson, Gilbane, DPR, Turner Construction, Clark Construction, and McCarthy do it again. The 2nd Annual Construction Inclusion Week (CIW) kicks off October 17^th and continues through October 21^st. The main goal continues to be to create awareness while celebrating diversity, equity, and inclusion throughout the construction industry in offices, craft and jobsite crews, and industry affiliates.

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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 contractor submits enrollment information, essentially, they are applying to the program’s insurance carrier for a policy. The program’s carrier analyzes the contractor’s information and the history of any claims. Then the carrier approves or rejects the enrollment based on the level of risk they are willing to incur by insuring the contractor. If the contractor is approved, the carrier will issue the company an insurance policy.

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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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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. 

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.