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HEADLINES ADDED: May 17, 2008
Lancsville Construction's plans to get insurance cover restored
Lancsville Construction is fighting to restore its reputation. It has declared itself willing to make fundamental changes in order to get all the leading construction insurance providers back on board.... Read More
HEADLINES ADDED: May 15, 2008
Lancsville Construction's plans to get insurance cover restored
Lancsville Construction is fighting to restore its reputation. It has declared itself willing to make fundamental changes in order to get all the leading construction insurance providers back on board.... Read More
HEADLINES ADDED: March 31, 2008
Repose and Limitations Periods
Time deadlines are clearly an important part of construction claims. Additionally, States impose limitations and repose periods on the time frame to bring a legal action. The difference between a repose period and a limitations period is that the repose period begins to run from a specific envent set forth in a statute, such as completion of the work. Furthermore, the statute of limitations can bar a claim even if the repose period has not expired. Likewise the repose period can bar a claim even if the limitations period... Read More
HEADLINES ADDED: March 27, 2008
Six things you need to know about construction insurance
Arranging risk and insurance cover can be daunting for the construction industry, with many variables to consider. David Johnson and Andreas Dracoulis of Boodle Hatfield's construction team answer the key insurance law questions.... Read More
HEADLINES ADDED: March 25, 2008
Insurance Matters
A critical yet sometimes overlooked factor in determining a contractor’s insurance premium is his or her own loss experience. Particularly in the world of workers’ compensation insurance, premiums are greatly affected by the frequency and severity of losses. For the insurer to properly assign premiums versus potential risk, they look to compare the individual contractor’s loss experience to those performing similar types of work. Simply put, the Experience-Rating Modifier (ERM) is computed as a factor of the insured’s own loss experience that is used to modify the standard premium.... Read More
HEADLINES ADDED: March 19, 2008
Question on Insurance Policy for Construction - Can you help?
Mike Davis, who comments here from time to time, sent in the following note. Michael, My insurance agent met with Tammy and I last week and made a proposal to sell us an installation floater with our insurance policy. I have never heard of it before. What is covered is machinery, materials, equipment, supplies and fixtures that are destined to be used in or are incidental to the installation, completion, or repair of the projects. It covers a direct loss involving a “collapse” of all or part of the... Read More
HEADLINES ADDED: February 17, 2008
Safety Advice: Say Goodbye to GC’s Liability
One indicator of a contractor’s success is the literal allocation of safety liability on the multi-employer jobsite, either through contract language or on-site practices. Ignoring these hidden liability traps during bidding and contract negotiation has landed many contractors in court without much of a clue as to why they’re there. When it comes to multi-employer projects, pay attention or pay up.... Read More
HEADLINES ADDED: January 28, 2008
Workers' Compensation Faces Threats In 2008
While declining workers' compensation rates have benefited employers in recent years, there are challenges that cloud the future. The outlook for 2008 is one of caution and concern. Editor's note: Keith Pearsall is president of Business Insurers of the Carolinas, Chapel Hill, North Carolina, one of only 20 Level-5 member agencies of the Institute of WorkComp Professionals.... Read More
HEADLINES ADDED: January 23, 2008
What is your fraud IQ?
[ILLUSTRATION OMITTED] Fraud detection class is now in session. It's time to put your smarts to the test and see how you score on these questions from the Association of Certified Fraud Examiners. 1. According to ACFE's 2006 Report to the Nation on Occupational Fraud and Abuse, the typical Publication: Journal of Accountancy... Read More
Bankruptcy of Owner or Other Party to the Contract
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HEADLINES ADDED: January 22, 2008
Owner, Engineer and Contractor Risk Responsibility
Every owner, engineer and contractor in the industry is passing through a period when it seems almost impossible for all parties to meet their respective cost, schedule and quality goals. In the vast majority of instances it has nothing to do with the physical process of designing or constructing a project but with the systems by which each party attempts to manage those physical processes. In a society that has become more litigious with each day of delay and each dollar of cost overrun, parties are attempting to... Read More
HEADLINES ADDED: January 21, 2008
Commercial Insurance Marketplace 2008
Have Commercial Insurance Rates Really Come Down? Rates have decreased significantly on almost all lines with the exception of coverage for coastal properties on the East Coast as well as other catastrophic-type lines of coverage, such as earthquake. Industry Outlook for 2008 The industry is expected to have earned a significant profit in 2007.... Read More
Satrak satellite tracking locates stolen Terex roller
Satellite tracking has allowed the Police to locate a stolen roller on board a ship just as it was about to sail. The Terex roller was fitted with a Satrak system and owners Mech Plant could see it travelling to Newcastle Docks.... Read More
HEADLINES ADDED: January 17, 2008
Can a Letter of Credit Substitute for a Performance and Payment Bond?
An owner was confronted recently with a circumstance in which a contractor that the owner really wanted to use was unable to obtain a bond for the project. The contractor was a small company, but had successfully built other projects for the owner. This project, however, would be the largest ever undertaken by the contractor, and was beyond the contractor's bonding capacity. What to do?The dilemma was resolved by the contractor by establishing a clean irrevocable standby letter of credit ("LOC") in favor of the owner. While not in... Read More
HEADLINES ADDED: January 09, 2008
Caterpillar Equipment Tracking Systems to be Standard on U.S., Canadian Machines in 2008
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HEADLINES ADDED: January 07, 2008
California Workers' Comp Insurance 2008
Workers' compensation rates in the state of California continue to decrease dramatically. In January 2007, the Department of Insurance approved a 9.5-percent rate decrease, and in July of 2007, an additional 14.2-percent decrease. These two decreases were on top of six consecutive previous decreases.... Read More
HEADLINES ADDED: December 30, 2007
Job Theft on a Construction Site
A contractor called recently with a question about what to do with a homeowner complaint that some of their liquor has been stolen (just the liquor - the bottle was left behind). He had two subs on the job site during the time when this “theft” took place, and that he had to deal with a customer that was behaving unusually. He asked several times when she bought the bottle of Old Grand Dad, but she never gave a direct answer. Which leads one to believe that the owner... Read More
HEADLINES ADDED: December 27, 2007
Homeland Security's Tom Ridge
The first secretary of Homeland Security tells CFO what companies should fear most.... Read More
HEADLINES ADDED: December 26, 2007
Protecting Yourself from an Insolvent Sub-Contractor’s Bonding Company
In a recent 1st Circuit case, a surety bonding company sued a contractor and its principals for indemnification when the surety bonding company paid claims on a bond issued to the contractor for a project involving construction of a parking lot. Although the contractor had required its subcontractor, which performed the work on the parking lot, to provide a bond for the benefit of the contractor, the bonding company that provided the subcontractor’s bond became insolvent and could not pay the contractor’s claim. This triggered protections under the Maine... Read More
HEADLINES ADDED: December 20, 2007
Legal Aspects of Public Purchasing - Training
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HEADLINES ADDED: December 19, 2007
Construction Defects Seminar
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HEADLINES ADDED: December 18, 2007
Insurance Documentation
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Payment and Performance Bonds
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HEADLINES ADDED: December 13, 2007
Subcontractor's "I did what the general contractor told me to do" defense held not sufficient in residential construction defect case
When a homeowners sues a subcontractor for damage caused by the defective waterproofing work on retaining walls that the subcontractor installed, is it a complete answer for the subcontractor to say that it did exactly what the general contractor told them to do (regardless of what the standard of care is) and that the general contractor was satisfied with its work when it finished the job? A recent case holds that it is not.In Stonegate Homeowners Association v. Staben (06 CDOS 10306 published on 11/7/06) the developer hired a general... Read More
HEADLINES ADDED: December 11, 2007
Green Insurance Law: Industry Thoughts on BIM and LEED Coverage for Design Professionals
Last week, the AIANYS Statewide Advisory Committee and the American Council of Engineering Companies of New York sponsored the 2007 Annual Joint Session on Current Insurance Issues for Design Professionals. Speakers from a number of prominent insurance companies, including Lexington, Beazley, Zurich, CNA, Liberty, and XL shared their thoughts on the current state of the insurance industry, from a softening market for professional liability insurance, to comments that several panelists made regarding the insurance coverage implications of BIM and LEED for design professionals. Of particular interest to us here... Read More
HEADLINES ADDED: December 05, 2007
Contractors and Subcontractors Must Obtain Certificate of Workers' Compensation Insurance From Their Subcontractors Before EACH Project or Else Face Additional Exposure
A recent South Carolina case demonstrates the importance of contractors and subcontractors obtaining a certificate of workers’ compensation coverage for EACH subcontractor before EACH new project, regardless of whether they have an ongoing relationship with the subcontractor. Most contractors only obtain certificate of workers’ compensation coverage once a year and rely on that certificate. This is a dangerous practice made clear by a recent decision of the S.C. Court of Appeals.ass=MsoNormal style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: justify"> face="Times New Roman"> In Hardee v. McDowell, a general contractor... Read More
HEADLINES ADDED: November 01, 2007
Do You Need Environmental Insurance?
No matter how careful you are, you can’t eliminate all exposure to hazardous materials, waste, or site contamination on your construction projects. Environmental insurance is one way to protect your company's bottom line.... Read More
HEADLINES ADDED: October 25, 2007
A Return-to-Work Program Can Ease the Sting of Worker Compensation
: Good communication, planning are key to getting injured employees back on the job quickly.... Read More
Do You Need To Formalize Your Risk Management?
A well thought-out program can reduce your vulnerability.... Read More
HEADLINES ADDED: October 24, 2007
Epoxy Supplier Indicted in "Big Dig" Tunnel Fatality
Last year a motorist was killed in Boston's Big Dig tunnel when a concrete ceiling panel fell onto her car. Today Massachusetts filed a criminal indictment for involuntary manslaughter against a New York company that supplied the epoxy anchor adhesive used to affix the panels to the top of the tunnel. The indictment comes on the heels of last month's NTSB report concluding that the adhesive was not able to withstand long-term loads and that the NY company failed to divulge enough information about the product when selling it for... Read More
HEADLINES ADDED: October 23, 2007
Do You Need Environmental Insurance?
No matter how careful you are, you can’t eliminate all exposure to hazardous materials, waste, or site contamination on your construction projects. Environmental insurance is one way to protect your company's bottom line.... Read More
HEADLINES ADDED: October 19, 2007
Construction Insurance and Bonds Simplified
When planning to build, many consumers are confused as to what protection is available to them, what is needed or recommended and what the bonds and insurances are actually protecting you against.... Read More
HEADLINES ADDED: September 28, 2007
Does General Liability Insurance Provide Defense Against Defective Work?
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HEADLINES ADDED: September 27, 2007
Workplace Accidents and the Additional Insured Clause
Owners and contractors depend on being protected for subcontractor employees' workplace accidents by requiring that subcontractors include the owner and contractor as additional insureds on their commercial general liability (cgl) policies. When a subcontractor's employee is injured on the job site and sues the owner and contractor for negligence (since worker's compensation laws normally prevent the employee from suing the subcontractor, its employer), the owner and contractor assume they can tender the defense of the lawsuit to the subcontractor's insurer since the owner and contractor are, after all, additional... Read More
Federal Risk Insurance Available for Nuclear Plant Construction
DOE also announced it is plugging $19 million in research to commercialize plug-in hybrid vehicles.... Read More
HEADLINES ADDED: September 17, 2007
Workplace Accidents and the Additional Insured Clause (Part 2)
A few weeks ago, I posted a blog about the danger of owners and contractors thinking that additonal insured status on a subcontractor's liability policy protected them from being entangled in lawsuits for workplace accidents. Based on the article referenced below, I recommended that the subcontractor be required to obtain an additional insured endorsement for the owner and contractor that does not exclude coverage where the owner's or contractor's negligence, but not the subcontractor's, is alleged. However, sometimes that is simply not something the subcontractor can do.In that circumstance,...