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Which coverage do I need – Excess Liability or Umbrella Liability? Both? Neither?
Your construction company has all the necessary insurance coverage it needs, or does it? Why would you need either an excess liability policy and/or an umbrella liability policy? First, let’s examine what each of these policies covers and then why it might make sense for your company to examine either one.
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As we move to a more digital world, cyber-attacks are becoming the norm. Luckily, there are a few different ways to safeguard your company’s systems, networks, and programs from digital attacks. One of the most popular ways to protect your company is to integrate the National Institute of Standards and Technology (NIST) Cybersecurity Framework. This approach highlights 5 core functions that can be implemented.
Topics: Construction Commercial Insurance, Cyber
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Employment Practices Liability Insurance (EPLI) policies are taking the spotlight in regards to claims related to COVID-19. EPLI is a type of liability insurance that covers wrongful acts arising from the employment process. Examples of claims covered under such policies include:
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Have you ever thought what would happen if you were building a bridge across a river one mile wide and your calculations were “almost” correct but actually off by a mere one degree? You would miss your mark by over 90 feet, which is the distance from Home Plate to First Base at Yankee Stadium.
OOPS!
Insurance coverages help transfer these risks from your company’s balance sheet to the Insurance Carrier.
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A Certificate of Insurance (COI) provides information on specific insurance coverage. The certificate is proof of the insurance you have and typically contains information on the following:
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The forecast that the construction sector will continue its growth pattern reflects the strength of the economy even late in this business cycle. A tremendously strong job market—coupled with low interest rates and a generally robust stock market—are working to ensure that 2020 remains strong overall.
Yet, there are growing concerns that may point to slower growth beyond 2020. A recent economic outlook survey by the National Association of Business Economics put the odds of a U.S. economic recession starting by mid-2020 at 30%, with an estimated increase to 60% by the end of next year.
Here are several potential threats that could affect the robust growth in the construction industry looking forward.
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When we look back at the U.S. economy this year, we see it performed reasonably well during the first half of 2019. Job growth for the economy as a whole was at a level that added almost $2MM in additional payroll positions this year. The stock market showed healthy gains and inflation has been kept under control. On a broad scale, the economic growth for 2020 is projected to be 2% at an annualized rate.
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Is it just me, or do you read the headlines these days and wonder if you are actually reading the plot lines from those “Disaster Movies” that I loved watching when I was a kid?
A major earthquake in Southern California, massive flooding in the farmland, a giant killer storm that takes out Tokyo, or a fast moving wildfire gobbling up acres of prime land by the second—it all seems so fantastical
Except that it is, in fact, real.
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After the Terrorist Acts occurred on the World Trade Center back in 2001, the Government passed the Terrorism Risk Insurance Act (TRIA) of 2002. This meant that if the Government deemed an event as a certified act of terrorism, then the Government would reimburse the insurance companies for the losses they paid out for that specific event.
However, if there is an event and the Government does not deem it as a certified act of terrorism, then insurance companies do not get reimbursed for the losses. This could ultimately affect the insured, as they could be at a loss as well since there was no coverage.
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If you find yourself working on (or near) the railroad, all the livelong day, odds are you will have to do much more than sing, “Fee Fi Fiddle EE Aye Oh.” Particularly, this is true if you are the one in charge of making sure that all of the appropriate insurance is in place for your project.
