Contractors: Get To Know These Insurance Phrases

Insurance requirements in construction contracts contain important but confusing phrases. Phrases like “contractual liability” and “primary and noncontributory” have different meanings and impacts on a contractor’s liability insurance coverage. A contractor signing a construction contract can make better decisions by understanding what these concepts mean. “Contractual liability,” as the name implies, pertains to the insured

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Common Mistakes with Builder’s Risk Coinsurance Clauses

Coinsurance clauses are commonly found in a builder’s risk completed value policy. A coinsurance clause involves the policyholder becoming a co-insurer of the risk of loss with the insurer. In other words, certain conditions would result in the insurance company not paying the total amount of loss, thereby leaving the policyholder to bear the remainder.

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Reporting Workers’ Comp Claims Late Can Push up Costs Nearly 50%

Reporting Workers Comp Claims Late One of the keys to keeping the costs of a workers’ compensation claim from spiraling out of control is prompt claims reporting. Claims are routinely filed late, either by the injured worker who fails to report it to the employer, or the employer dawdling or procrastinating and not reporting the

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OSHA Proposes Changes to Injury, Illness Reporting Rules

The Occupational Safety and Health Administration has revived a regulation that would change which employers have to file their injury and illness logs electronically, in particular increasing reporting requirements for companies in high-hazard industries. The proposed regulations are similar to ones that were implemented during the tail end of the Obama administration, and that were

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Spiking Materials Costs Imperil Apartment, Commercial Projects

Construction firms are reeling from snowballing costs of building materials due to spiking demand and supply chain snarls that are resulting in massive budget cost overruns. This is especially affecting construction businesses that are managing apartment or commercial projects. These cost overruns are imperiling profits — and risking red ink — on the projects after

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The Types of Insurance a Small Business Needs

If you are just getting a business off the ground, have bought equipment and started hiring employees, insurance should be top of mind. There are four types of insurance that most small businesses purchase to protect themselves, and without them one accident or oversight could leave you with liabilities you may not be able to

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