Claims Update: NotPetya Cyber Attack Settled


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Merck and its insurance companies have settled their lawsuit involving a 2017 cyber attack. The litigation involved a dispute about whether a war exclusion applied to a NotPetya cyber attack.  

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Topics: Claims, Cyber, Construction Trends

AI and How It Can Be Used in The Construction Industry


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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.

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Topics: Construction Risk Management, Construction Trends

Builder’s Risk Update: S. Capitol Bridgebuilder V. Lexington Ins. Co.

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In recent years, large Builder’s Risk policies have included coverage terms from the London Engineering Group (LEG) that expand coverage by redefining how the policy will pay for claims involving construction defects. The broadest of these endorsements is called LEG-3 which excludes coverage only for the cost of the insured to improve the original material workmanship design, plan, or specification.

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Topics: Claims, Construction Trends

Construction Inclusion Week 2023



TSIB along with various other Brokers, General Contractors, Trade Partners, etc. is gearing up for the annual Construction Inclusion Week (CIW). This virtual event will take place from October 16th through October 20th, 2023.

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Topics: TSIB Community, Construction Trends, Diversity Outreach

Vicarious Liability & Additional Insured Endorsements Ruling


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Last year, an Eleventh Circuit ruling in Cincinnati Specialty Underwriters, Ins. Co v KNS Group (11th Cir. Oct. 2022) addressed issues related to Additional Insureds (AI) and vicarious liability. In that case, the owner hired GM&P, the general contractor, to construct a new casino. In turn, the GM&P hired KNS and entered into a subcontract to perform exterior glazing and glass façade work on the project.

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Topics: Claims, Contracts, Additional Insured, Construction Trends

How A Late Claims Notice Can Affect Owners


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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.”

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Topics: Claims, Contracts, Construction Trends, Construction Insurance

Opportunities for Women in Construction


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The opportunities for females in the construction industry has increased in recent years, going against the stereotype that construction is a predominantly a male dominated industry.

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Topics: Construction Trends

The 2nd Annual Construction Inclusion Week Kicks-Off

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 17th and continues through October 21st. 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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Topics: TSIB Community, Construction Trends, Diversity Outreach

A Perfect Storm for Homeowner’s Insurance is Brewing in Florida

 

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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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Topics: Construction Trends