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Subcontractor Default Insurance (SDI) provides insurance for general contractors against a default from a subcontractor. It is a risk mitigation tool for General Contractors (GC). The coverage is an alternative to a surety bond and is purchased from an insurance carrier in order to protect the general contractor from the subcontractors they hire. There are two types of default:
Topics: Construction Commercial Insurance, SDI, Construction Risk Management, Construction Insurance
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Facing a large property loss, like a building or auto loss/damage due to fire, weather, or flooding can be daunting for an insured. Understanding the roles of the involved parties can help the claims settlement process run more smoothly.
Topics: Claims, Construction Insurance
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A federal appeals court ruled that Zurich Insurance was correct in denying coverage to Harvard University because of “lack of timely notice.”
Topics: Claims, Contracts, Construction Trends, Construction Insurance
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Imagine purchasing products that are deceptively difficult to understand and how much it should actually cost. There is a Latin phrase, “Caveat Emptor” which commonly translates to “let the buyer beware.” In fact, there are many legal disclaimers that are used in contracts to make sure all parties know that it is the responsibility of the “buyer” to do their due diligence before purchasing a product.
Topics: Construction Insurance, Market Submission
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A wholesale insurance broker is a type of insurance broker who acts as an intermediary between the retail broker and the insurer. Wholesale brokers place business brought to them by retail brokers and have no direct contact with the insured. The retail broker maintains the relationship with the insured.
Topics: Construction Insurance
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Going into the pandemic Commercial Auto insurance was a very “distressed” line of coverage. The industry was operating at 119% loss ratio through the end of calendar year 2019. Since the pandemic, things have continued to worsen. Insurance carriers are continuing to increase rates, underwriting guidelines have become very stringent, and many carriers are pushing additional responsibilities, and costs, onto policyholders in an attempt to reduce claims exposures and related expenses.
Topics: Claims, Auto Coverage, Construction Insurance
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Insurance language is filled with nuance. Often two terms can appear to have the same meaning, but in practice are different. Unfortunately, these differences are enough to potentially cause the insured problems if the wrong policy is purchased.
Topics: Construction Insurance
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There are two ways that you can buy additional insurance limits. One is an Excess Liability policy, and the other is an Umbrella Liability policy.
An Umbrella policy is a type of Excess Liability insurance. Often, people interchange the two and confuse these coverages but there are differences. It is important to know the difference between the two coverages, continue reading for a further breakdown of Umbrella Liability.
Topics: Construction Insurance