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Even though the economy and driving activity has gradually increased to pre-pandemic norms, we are unfortunately still seeing significantly high commercial auto insurance premiums. To reduce the insurance carriers, claim exposure and expenses, they are continually increasing rates, implementing strict underwriting guidelines, and transferring additional responsibilities & cost to policyholders. Despite these challenges, here are 4 steps you can take to ensure safety and minimize risk.
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Standalone, private terrorism policies from insurance companies have become an alternative to TRIA and have gained in popularity over the past decade. This coverage is a specialty policy that covers losses due to terrorism.
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Terrorism insurance provides businesses with protection against the unpredictable nature of a terrorist attack. An act of terrorism can occur anywhere and at any time.
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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.
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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.
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:
- Type of coverage
- Limit for each coverage
- Insurance company name
- Policy number
- Named Insured
- Additional Insured(s)
- Effective policy dates
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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.