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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.
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Did you know your insurance broker may be partnering with a wholesale insurance broker to deliver the best coverage for your company? Not familiar with the term wholesale broker? Keep reading to learn more about the role of a wholesale broker.
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When it comes to insurance, most companies are not excited to purchase it. Unfortunately, it is a necessary item for any business owner. Typically, you want good insurance coverage with low costs.
One way to make sure your insurance premium is low is to have a good safety plan. Good safety is the easiest way to lower your insurance premiums. Here are some ideas you can implement into your current safety program that will help lower your insurance premiums:
Topics: Construction Commercial Insurance, Safety
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As an Owner or Developer embarking on a new construction project, you must plan for a tremendous amount of risks. Some of this risk exposure is a direct result of the professionals and designers you will hire to help complete your project. Let’s explore two options that can offer protection from this third-party risk.
Topics: Construction Commercial Insurance, OPPI
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Construction projects built alongside or over a railroad carry with them a unique set of risks which are not addressed in a contractor’s general liability policy. That is due to the fact that a contractors’ general liability policy contains an exclusion for the contractors work within 50 feet of a railroad. As a result, all railroad operators will require the contractor(s) to provide a Railroad Protective Policy in addition to all other insurance requirements.
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Working in construction means there are a lot of risks. Workers can be injured, equipment can be stolen, or damages could happen on the project site. Protection from these risks can take different forms. Surety bonds and construction insurance are common examples of such protection—and surety bonds are often confused with insurance.
However, it’s important to understand the two are different. Understanding the differences between construction insurance and surety bonds can help you determine which one you need on your next project.
