Why Construction Companies Need Cyber Insurance

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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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Topics: Cyber, Hard Market, Construction Trends

Is Your Company An Attractive Risk For Underwriters?

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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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Topics: Safety, Hard Market, Construction Trends

Instill a Safety First Mentality to Navigate the Hard Market

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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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Topics: Safety, Hard Market, Construction Trends

Tools to Combat the Hard Insurance Market

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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.

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Topics: Hard Market, Construction Trends

Pre-Fab-ulous Construction Trend

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An unexpected construction trend resulting from the Pandemic is the increase in modular construction. This method is a type of prefab construction. It ranges from manufacturing basic elements such as panels and walls to full units, like kitchens and bathrooms in a factory. Then they are assembled on location like large Lego® pieces. Modular construction accounts for about 5% of all new projects in both commercial and residential real estate. Developers are embracing modular construction for everything from data centers to medical buildings. Utilizing prefabricated units has some impressive cost benefits.

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Topics: Construction Trends

Can I Claim a Workers’ Compensation Injury if I Work From Home?

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The COVID-19 pandemic has caused many companies to shift their work environments. As we enter 2021, many employees are still in a hybrid (office/work-from-home) setting or an entirely remote environment. As such, employers should be aware of new litigation regarding work-from-home and compensability under their state’s Workers’ Compensation (WC) statutes.

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Topics: Claims, Workers' Compensation, COVID-19, Construction Trends

COVID-19 Business Interruption Court Rulings – U.S. & Abroad

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Small businesses in the United Kingdom (U.K.) celebrated a tremendous victory in the courts on Friday, January 15, 2021. The U.K. Supreme Court dismissed appeals by six insurers – Hiscox, RSA, QBE, Argenta, Arch and MS Amline – determining that “many thousands of policyholders will now have their claims for coronavirus-related (COVID-19) Business Interruption losses paid.”

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Topics: Claims, COVID-19, Construction Trends

2020 State of the Insurance Market Review & Outlook

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As we begin 2021, we reflect on everything that happened this past year - from a global pandemic to civil unrest to natural catastrophes. Through all of that, we find the primary issue that impacts the P&C insurance marketplace in 2021 is uncertainty.

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Topics: Construction Risk Management, Construction Trends

COVID-19 Business Interruption Court Ruling – What it Means

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An unprecedented court ruling regarding business interruption insurance claims impacted by COVID-19 ‘across the pond’ has many insurers and insureds anxiously awaiting any ripple effects to be felt in the U.S.   

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Topics: Claims, COVID-19, Construction Trends

5 New Scenarios Regarding COVID Construction Claims

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The construction industry has started picking up the pieces from COVID-19. Together, we have learned new lessons and developed new strategies for the future. Since this pandemic is unique, as disputes start to occur, we will start to see how the courts take precedent on COVID-19 cases. Here are 5 new construction scenarios to consider that could potentially lead to a claim.

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Topics: Claims, Construction Trends