Image credit: shutterstock.com/g/Petekub
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
Image credit: shutterstock.com/g/kelvn
AI, or Artificial Intelligence, is a form of technology that is built to mirror the human mind. AI is focused on taking basic human functions such as the abilities to learn, reason, communicate, and process information to form intelligent and efficient responses in a timely manner.
Image credit: shutterstock.com/g/urbans
Trying to find the right HVAC contractor for your commercial or residential needs can sometimes be a very stressful process. There are many contractors out there that might seem to be a good fit for you, when in reality, might not actually be.
Topics: Construction Risk Management
Image credit: shutterstock.com/g/Chaisiri+tiawsiri
The popularity around utilizing resilience as a risk management tool is growing. Resilience can be defined as reducing the impact of a disturbance. When facing natural catastrophes, insurance is an important technique that is used to help us rebuild. Resilience is the ability to “bounce back.”
Topics: Construction Risk Management
Image credit: shutterstock.com/88studio
Risk Management is the practice of identifying and analyzing loss exposures and taking steps to minimize the financial impact of the risk they impose. Your company can face internal risks and external risks. Examples of internal risk include HR/Labor relations, contractual risk, and succession planning. External risks include regulation changes, competition, and legislation changes, just to name a few.
Topics: Safety, Construction Risk Management
Image credit: mohdizzuanroslan/shutterstock.com
One way to identify risks for your company is to look at the insurance industry and what areas they have identified as threats. These are referred to as Emerging Risks and these days, there are plenty of them!
Topics: Claims, Construction Risk Management
Image credit: Portrait Image Asia/Shutterstock
Due to the 1985 hard insurance market, Congress passed the Liability Risk Retention Act of 1986. The act allowed the authorization to purchase group insurance programs for specific liability exposures. This made it much easier for members of a particular group or industry to establish alternative risk financing alternatives, such as Captives, SIR’s, and Risk Retention Groups (RRGs).
Topics: Construction Risk Management, Alternative Risk Financing
Image credit: King+Climbers/Shutterstock
When it comes to risk financing for Contractors, there are a variety of methods that can be used to fund “hazard” losses. From Large Deductible Programs to Captive Insurance Programs, and more. One method for Contractors might want to consider is a Self-insurance Program. Before you do, here are 6 facts of what you need to know:
Topics: Construction Risk Management
Image credit: Somchai+Sanvongchaiya/Shutterstock
The goal of having a Risk Management Plan in place is to minimize your company’s risk. This protects you, your company, and your employees.
Topics: Construction Risk Management