Knowledge Corner

Last year the 6 leading U.S. General Contractors teamed up to create a consortium to help advance diversity, equity, and inclusion in the construction industry. This year, Mortenson, Gilbane, DPR, Turner Construction, Clark Construction, and McCarthy do it again. The 2nd Annual Construction Inclusion Week (CIW) kicks off October 17^th and continues through October 21^st. The main goal continues to be to create awareness while celebrating diversity, equity, and inclusion throughout the construction industry in offices, craft and jobsite crews, and industry affiliates.

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Recent news reports out of Florida are forecasting that more than 17 homeowner insurers are facing rating downgrades for the state’s struggling insurance wind pool. As Florida homeowners are receiving non-renewals and staggering insurance premiums, the emerging picture is grim as NOAA predicts above-normal hurricanes from global warming. The uninsured and underinsured homeowners are being pummeled by named storms coming ashore, which can have devastating financial consequences.

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There is a windfall of new construction projects coming due to an infrastructure bill that President Biden signed into law in 2021. The bill indicates that $1 trillion will be spent in the next 5 years. In order to capitalize on this influx of new activity and grow their businesses, contractors should obtain assistance from their trusted advisors such as their insurance broker.

Over these past couple of years, there has been a shift for companies and brands to be more inclusive. Often, it’s a lot of talk with some action taken at the time of the event. However, the Construction industry wanted to really make a difference. That’s why the 6 leading U.S. General Contractors teamed up to create a consortium called Time for Change.

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You’ve heard the saying, cash is king? Well, it really is. Managing your cash flow is key to your success in the construction industry. As a Contractor, your cash flow flexibility is critical to your business. When you look at your company’s cash flow, you can gauge how much money you are able to spend at any given time.

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Based on the article Global Construction shared in early June, an agreement was signed ending the court case brought by both the State of California and the California High-Speed Rail Authority (CHSRA). This decision will provide $928,600,000 in U.S. Federal funding to California’s high-speed rail project.

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In 2020, the insurance industry not only dealt with the Hard Market but also faced a lot of new challenges. One of the most prominent ones being, Cyber incidents. The Property & Casualty (P&C) Insurance Carriers that wrote Cyber Insurance last year, reported higher claims in 2020 than prior years.

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As the Insurance Hard Market continues, Carriers are reducing their appetite for risk. This means Carriers are not insuring:

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As your company’s insurance premiums start to renew, it’s important to understand that price increases are occurring because of the Insurance Hard Market. A variety of coverages are affected by this including General Liability, Excess Liability, and Builder’s Risk.

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As a Contractor, you are familiar with stiff competition, slim profit margins, and severe weather working conditions. One thing that you might not have been prepared for is the current Hard Insurance Market.