3 Common Loss-Sensitive Plans for Trade Contractors

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Every Trade Contractor that purchases insurance will be evaluated on their company size, operation complexity, and risk tolerance. There are a variety of risk financing options available to your company. If you have a solid safety & loss control plan and good loss history, you may want to look at a loss sensitive plan, also known as as a “performance-based program.” Here are three common types of loss-sensitive plans your company should know about:

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Topics: Risk Management, Trade Contractors

Loss Sensitive Insurance Plans for a CIP

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There is a lot of planning that goes into a Construction project, and everything costs money! From the materials, property, salaries, Trade Contractors, to the claims and the insurance—it can all be a bit overwhelming. This is why it is important to have a good risk financial plan set up for your next construction project.

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Topics: Risk Management, Loss Sensitive Insurance Plan, Risk Financing

OCIPs: The 5 Cultural Benefits for Your Company

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You’ve decided to implement an OCIP (Owner Controlled Insurance Program) for your next construction project. In doing so, your company will reap the benefits of an OCIP, such as cost control, enhanced & uniform coverage, and claim control. However, did you know that your company will also gain cultural benefits too? Let’s examine the top 5 cultural benefits of an OCIP. 

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Topics: Risk Management, Wrap-Up, OCIP & CCIP

Contractual Risk Transfer - 3 Tips for Trade Contractors

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Did you know the construction contract you signed contained a clause that transferred any risk from the project owner or general contractor to your company? Such clauses are common in executed contracts. Their purpose is to transfer any risks on a construction project from one party (transferor) to another (transferee) in order to eliminate the transferor’s exposure to risk. This legal practice is known as contractual risk transfer. 

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Topics: Construction Contract, Risk Management, Contractual Risk Transfer

Are All Your Risks Covered? What to Consider as a Contractor

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These days, it would be difficult, if not impossible, to find a business that is not exposed to a certain level of risk in its day-to-day operations. However, no business is more exposed to risk than that of a contractor.

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Topics: Risk, Risk Management

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