Search results for: “Contractor”

  • How Subcontractor Default Insurance (SDI) Can Protect Your Project’s Balance Sheet, Timeline and Delivery

    Subcontractor Default Insurance (SDI) is an innovative insurance policy designed to protect general contractors and project owners from the financial impact of subcontractor defaults. Since its debut in 1995, SDI has become a trusted solution for managing subcontractor risk. Why Choose SDI? Top-tier fleets are being affected by: Comprehensive Protection: SDI covers both direct and…

  • How to Spot Contractor Fraud

    36% of homeowners say that fraud is their biggest concern when searching for a contractor to lead their renovation projects.1 If you’re updating your property and plan on hiring a contractor, be on the lookout for the following red flags to avoid contractor fraud. 1. No references Avoid hiring a contractor who is hesitant, or unable,…

  • California Wildfires and Liability Risks for Utility Contractors

    The recent devastation from the fires in Los Angeles, California, has spotlighted several issues – from risk mitigation and the adoption of stricter building codes to help minimize property loss to causation, negligence, and insurance. Among the issues being examined is the role of utility companies and wildfires. Lightning, arson, and utility lines are the…

  • Addressing Consequential Damages in the Property Policy

    Property insurance policy drafters have long attempted to address how excluded perils, such as faulty workmanship, latent defects, design defects, wear and tear, corrosion, or erosion, affect coverage. Approaches have included: “Resulting loss or damage” carve-backs “Cost of making good” faulty workmanship London Engineering Group (LEG 1, 2 and 3) defect clauses It is helpful…

  • Structuring Construction Liability Coverage for Multifamily Developers

    A well-structured General Liability program can significantly improve cost efficiency, risk control, and long-term outcomes for multifamily developers. Developers are paying for all General Liability insurance tied to their projects, whether that cost is visible or hidden. Developers can rely on the general contractor (GC) and subcontractors to carry coverage and build it into their…

  • Putting Your Best Risk Forward: Strong Submissions for Real Estate Accounts Lead to Better Outcomes

    As an insurance marketing account executive for McGriff Specialty, my role includes presenting my clients’ accounts in the best possible light to our insurance company partners. How I submit each account directly affects the coverage options and terms we receive. Accounts presented favorably tend to generate more interest from a larger pool of insurers, which…

  • Single-Parent Captives: A Strategic Risk-Financing Tool for Construction Leadership

    A single-parent captive offers construction leadership a strategic alternative. For large construction firms, insurance is not just a line item. It is a material operating expense and a source of earnings volatility. As premiums fluctuate with insurance market cycles, carrier appetite, and industry-wide losses, even the safest contractors with a strong risk management culture can…

  • Energy – Pardot Embed Test

    Energy Powerful Solutions to Protect Your Energy Business The complexities and potential catastrophic exposures in the energy industry can seem daunting. With more than 40 years of experience serving all sectors of the industry, we’ve grown to be one of the largest energy brokers in the nation and one of the top energy brokers worldwide.…

  • Worker’s Compensation Fraud and How to Limit the Exposure

    According to the North Carolina Department of Insurance, insurance fraud costs Americans more than $300 billion each year. That adds up to $933 for every individual or $3,800 for a family of four. In this article, we’ll explore workers’ compensation fraud in particular and how to reduce its impact. Employees can commit workers’ compensation fraud…

  • Protecting Your Commercial Kitchen from Fires: A Critical Risk Management Issue

    In the dynamic environment of commercial kitchens, safety is paramount, not only for protecting personnel and property but also for ensuring operational continuity. Among several potential hazards, kitchen fires pose a significant risk, often resulting in devastating consequences if not properly managed. As risk managers and industry leaders, understanding the nuances of fire prevention and…