Knowledge Corner

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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.

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Insurance can be confusing to understand and often comes with a lot of paperwork. It’s hard to keep track of every project’s requirements that you’re working on.

Often, questions such as these come into your mind:

• What happens if there is a claim? Am I covered?
• When does my Umbrella policy kick in?

What is important to know is that before your umbrella or excess policies can cover a claim, your primary policies occurrence or aggregate limits must first be “used up” or exhausted. This is known as horizontal exhaustion.

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Did you know that Excess Liability and Umbrella Liability are not the same coverage? These two coverages sometimes get lumped together as the same coverage; however, that is not the case. Both Excess and Umbrella coverages add additional limits when their policies limits have been reached. Keep reading to find out what makes them different! 

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Commercial Crime Insurance, also known as Fidelity Insurance, is designed to protect businesses against a variety of crimes. It is important for any business that handles cash, checks, online payment systems, and credit cards to protect themselves. Below are 7 key coverages your crime policy should cover!

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Lawsuits are all too common these days. According to the Chubb 2013 Private Company Risk Survey, the average total cost of Directors & Officers lawsuits to companies typically falls in the six-figure range, including judgments, settlements, fines and legal fees. Without sufficient insurance coverage, defending a lawsuit could be financially devastating to your company. Directors and Officers liability insurance protects a company’s board of directors and/or officers from personal losses against lawsuits.