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Last week we began the dialogue on possible COVID-19 claims and what, if any, insurance coverage could be triggered. This week, we will expand that discussion to the following coverages—Pollution, Professional, and Subcontractor Default Insurance (SDI).
Topics: Claims
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As the COVID-19 pandemic touches the construction industry at large, there are many questions surrounding insurance coverage on a job site and possible subsequent COVID-19 claims. This series will review some of the more common coverages and things to consider given coverage uncertainty.
Topics: Claims
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Navigating the Workers’ Compensation (WC) system can be confusing and overwhelming. Injured employees need to feel comfortable with the system, with the employer’s response, and with the benefits they are entitled to. When an employee is injured, their livelihood can be seriously affected. Unfortunately, a collective myth exists in the injured worker’s mind that their employment is in jeopardy because of this incident. How stressful is that?
Topics: Claims, Workers' Compensation
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No matter how safe your company may be, accidents are unfortunately inevitable—and when accidents happen, claims will follow. Did you know when a claim is settled, insurance companies pay the policyholder from a claims reserve? Continue reading this post to learn five important facts about claims reserves.
Topics: Claims
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Professional liability insurance protects professionals such as attorneys, accountants and consultants. Most professional liability policies only cover economic or financial losses that third parties suffer. Generally, these policies do not cover bodily injury and property damage claims, although there are some exceptions (for example, physicians, engineers and architects). The most common professional liability insurance is errors and omissions insurance (E&O).
Topics: Claims
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The construction industry has its fair share of legal terms, especially when it comes to contracts. Some important ones to understand are those associated with monetary damages. Monetary damages are a sum of money paid as compensation to an injured party by the party at fault or liable for the injury.
While liquidated damages and consequential damages are two of the most common issues negotiated in construction contracts, they are most often misunderstood. Let’s take a closer look at them.
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Last week, TSIB discussed California’s Workers’ Compensation Premium Assessments, specifically what they are and where to find them in your insurance policy. This week, we will share how the rates will affect your company.
Topics: Claims, Workers' Compensation
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In November 2017, the California Department of Industrial Relations issued a notice to “All Insurers Authorized to Transact Workers’ Compensation in California” which explained the 2018 workers’ compensation (WC) premium assessments. The new rates increase the total cost of WC for employers.
Most employers overlook their premium assessments listed on their insurance policy. Why? Let’s take a step back to understand what “premium assessments” are and how they affect WC costs.
Topics: Claims, Workers' Compensation
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We hope you enjoyed Twelve Best Claims Practices Your Construction Company Should Follow (Part 1). We’ve given you six effective claims best practices to follow, but there are several other important practices to abide by.
We’re here to help you lower loss rates and premiums, and improve your overall experience modification rating. To ensure your company’s claims management is built for success, here are six additional claims best practices you should know.
Topics: Claims
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One of the biggest problems with the current state of property and casualty claims management is that poor performance is the “new normal,” rather than the exception. When failing to follow claims best practices, there can be negative consequences, such as higher loss rates, higher premiums and, ultimately, loss profitability.
Topics: Claims
