July 28, 2022
Recent technologies — from robotics to project management software — as well as better ways to identify and deal with risk are helping the construction industry save money and reduce accidents. Workforce Shortage COVID and its ramifications have placed a strain on finding good workers for most industries. This is no less true for construction. […]
July 15, 2022
On April 13, 2022, the Federal Emergency Management Agency (FEMA) released a new building codes strategy, defining the goals and objectives it will pursue to promote the application, adoption and enforcement of hazard-resistant building codes across the United States. The strategy focuses on three core goals: Integrating building codes and standards across FEMA, Strengthening nationwide […]
June 28, 2022
The typical equipment breakdown insurance policy includes the following coverages: Damage to “covered property” at the location named in the policy. Expediting expenses, to cover the costs needed to get insured equipment operational as fast as possible, such as expedited shipping and making temporary repairs. Business income and extra expense. Similar to coverage you should […]
June 13, 2022
Social inflation—the impact of rising litigation on insurers’ costs—increased claim payouts for commercial auto insurance liability alone by over $20 billion between 2010 and 2019. This is according to a new paper by Insurance Information Institute (Triple-I), in partnership with the Casualty Actuarial Society (CAS). The Triple-I/CAS paper, Social Inflation and Loss Development confirms and […]
May 24, 2022
Equipment Breakdown insurance — formerly called Boiler & Machinery insurance — covers much more than boilers and machinery. Insurers introduced boiler and machinery coverage in the mid-1800s to cover valuable steam-powered machinery from explosion or breakdown, and to cover the equipment’s owner from liability for resulting property damage or bodily injury. Today, few businesses use […]
May 14, 2022
An article in the May 2022 issue of National Underwriter by Daniel Turgel outlines “How artificial intelligence [AI] is moving the insurance industry in a bold, new direction.” In the past, the expectation of an accident occurring at some point was pretty much the main reason motivating a business owner to buy insurance. Until the […]
April 28, 2022
Understand your cyber risks. Businesses are vulnerable to cyberattacks through hacking, phishing, malware, and other methods. Train Staff. Those engaged in cyberattacks find a point of entry into a business’ systems and network. A business’ exposure can be reduced by having and enforcing a computer password policy for its employees. Keep Software Updated. Businesses should […]
April 15, 2022
The short answer is, To protect insureds from cybersecurity risks. Cybersecurity is no longer the emerging risk it was just a few years ago. Rather, it is a clear and present risk for organizations of all sizes, said panelists at the Insurance Information Institute’s (Triple-I) Joint Industry Forum (JIF). This is in large part because […]
March 15, 2022
Several extraordinary events have taken place in the past few years that will influence the role of insurance for many years to come. Boston-based Risk Strategies Co. has identified these events in their latest “State of the Market Report” They are: The COVID-19 global pandemic, impacting businesses across every sector. The rise in frequency and […]
February 23, 2022
It is estimated that in 2021, almost half of all constructions firms (47 percent) are building over 60 percent of their projects using “green building” methods and materials, typically in ways that also reduce insurance costs. Some specific areas in which green construction benefits both commercial and residential construction include: Siting and design efficiency — […]
