The Importance of Removing the Wrap-Up Exclusion From Your Policy

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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 Broker and removed the General Liability Wrap-Up Exclusion via endorsement on a blanket or project-specific basis.

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Topics: Claims, Wrap-Up Insurance, Construction Insurance

Wrap-Up Challenges and Benefits

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If this is your first Construction project, finding the right insurance program is the key to the project’s success. Traditionally, Project Owners require all of their Contractors to provide their own insurance in their bid. An increasingly popular insurance method is to implement a Wrap-Up Program.

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Topics: CCIP, OCIP, Wrap-Ups

Cash Flow Solutions for Construction Companies

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Managing your company’s cash flow is extremely important. Unforeseen problems will arise, but if you have a proper cash flow management system in place, your company will be better equipped to handle any issues that may arise. Here are some cash flow solutions that your construction company can implement:

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Topics: Construction Insurance

Factors Sureties Review When Deciding To Retain a Defaulted Contractor

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In the construction industry, there are times when Contractor default occurs. Unfortunately, defaults are not always foreseeable or manageable. Here are several factors a Surety will review in order to make the decision on whether to retain a defaulted Contractor.

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Topics: Surety Bonding

5 Common Cash Flow Problems Construction Companies Face

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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 Contractor, your cash flow flexibility is critical to your business. When you look at your company’s cash flow, you can gauge how much money you are able to spend at any given time.

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Topics: Construction Trends, Construction Insurance

4 Overlooked Components of a Safety Manual

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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 processes and procedures to follow if they are in a situation that isn’t. It might seem obvious but any employee not complying with your company’s Safety Manual could be putting your company at risk. Every Safety Manal needs to include:

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Topics: Safety

What Does Commercially Useful Function Mean (CUF)?

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In order to receive credit for your project's compliance requirements by hiring Disadvantaged Business Enterprises (DBEs), you must showcase that the DBEs are performing a commercially useful function. In the past, some Contractors would hire DBEs to fulfill their diversity requirements but did not have them actually perform the work. DBEs would sub out their work to another firm (typically not a DBE) that would fulfill all of the work instead. To prevent this from happening, Federal, State, and local regulations were put in place that in order to receive credit, hired DBEs must provide a commercially useful function.

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Topics: Commercially Useful Function (CUF)

What are Good Faith Efforts?

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There are two ways to fulfill diversity goals:

  1. Achieve the goal
  2. Document & track the efforts taken in case the goal is not fulfilled
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Topics: Good Faith Efforts

What is Ransomware?

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The rise of ransomware attacks in all industries is alarming and unfortunately has become an easy “payday” for cybercriminals. There are many types of malware, malicious software that is designed to cause damage. One that has become quite popular is Ransomware.

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Topics: Cyber

Hey, Alexa – Can you Keep a Secret? Minimizing AI Cyber-Attacks

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We are seeing an explosion of technology as our devices become more powerful and less expensive. Companies are taking advantage of our voracious appetite for all things technology and creating a world that is connected device to device.

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Topics: Cyber