Popular Construction Insurance Acronyms – Part 1
All industries have different phrases or acronyms that are used daily. Sometimes it can be a little confusing! To help you keep them all straight, here are some of the most common construction & insurance acronyms:
- AI- Additional Insured
- Back Charge- Services performed by others for contracted work.
- Bid Phase- The receipt and evaluation of competitive pricing for a project.
- BIM- Building Information Models, of a project helps visualize and plan the design, as well as simulate the construction process.
- BRA- Bare Rental Agreement
- COR- Change Order Request-request to owner for additional funds
- C of O- Certificate of Occupancy
- CCIP- Contractor Controlled Insurance Program
- CGS- Cost Guaranteed with Savings
- CM- Construction Manager or Controllable Margin
- CO- Change Order-a change from the original scope of work described in the contract documents, Certificate of Occupancy
- COR- Change Order Request-request to owner for additional funds
- COS- Cost of Service
- DAR- Decision After Reconsideration
- DB- Design Build
- DBE- Disadvantaged Business Enterprise
- DD- Design Development, Design Documents
- DVBE- Disabled Veteran Business Enterprise
- ECC- Enterprise Central Component
- E&O- Errors & Omissions Insurance- carried by Architects & Engineers
- ECAC- Estimated Cost of Completion
- EEO- Equal Employment Opportunity
- EIFS- Exterior Insulated Finish System
- EMR- Experience Modification Rate
- F&I- Furnish and Install
- FF&E- Furniture, Fixtures and Equipment
- FIA- Final Invoice Approval
- FY- Fiscal Year
- G&A- General and Administrative Expense
- GL- General Liability
- GMP- Guaranteed Maximum Price
- GSE- Gross Sales Earnings
- HVAC- Heating Ventilation and Air Conditioning
- ICC- Insurance Cost Calculator
- IFC- Issued for Construction
- ITB- Instructions to Bidders
- LEED- Leadership in Energy & Environmental Design - a Green Building Rating System which is the nationally accepted benchmark for the design, construction, and operation of high-performance green buildings.
- LS- Lump Sum- agreement to complete a project for a fixed price.
- MBE- Minority Business Enterprise
- MEP- Mechanical Electrical Plumbing
- Mod- Modification to Purchase Order
- MWDBE- Minority, Women or Disadvantages Business Enterprise
These are just some of the most popular ones. Subscribe to our blog and be on the lookout for part two (N-Z)!
TSIB’s Risk Consultants are currently servicing the following locations:
East Coast: New York City, NY; Bergen County, NJ; Fairfield County, CT; Philadelphia, PA
Texas: Austin, San Antonio, Houston, Dallas
California: Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego County
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