Tag: Insurance
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Guaranteed cost vs. loss-sensitive plans: How the experience modifier impacts construction insurance cost
On a construction project, insurance costs, especially workers’ compensation, have a significant impact on the contractor’s profitability and its ability to price bids competitively. One of the most powerful drivers of those costs is the Experience Modifier, or Ex Mod for short (or EMR-Experience Modification Rating). Contractors need to understand how the Ex Mod functions…
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Posting holiday pics may invalidate home insurance
Sharing real-time holiday photos on social media might do more than garner likes –it could compromise your home security and affect your insurance coverage. Insurers caution that public posts revealing your absence may breach ‘reasonable care’ clauses in many policies. Even private posts aren’t foolproof; screenshots and shared content can expose your home to potential…
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How Controlled Insurance Programs Help Large Construction Projects Avoid Failure
Large scale or “mega” construction projects routinely fail – and sometimes even small and mid-sized projects – costing project owners and governments billions of dollars and sometimes completing years after the expected completion date. In Toronto, the Eglinton Crosstown LRT is a particularly well known example, running at least five years behind schedule and costing millions more than initially…
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How is building safety impacting insurance premiums in construction?
Overall, the limits to cover are at more viable levels, although, given the cost of premiums, higher limits may remain out of reach for some. However, the exclusions and/or restrictions for cladding and/or fire safety related claims still remain. There is also the difficulty that certain professions, such as managing agents, have in obtaining cover. …
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How Steel Commercial Buildings Reduce Insurance Costs
In today’s competitive business landscape, every penny counts. One often overlooked area for potential savings is commercial insurance. While it’s a necessary expense, there are ways to mitigate those costs, and choosing the right building material plays a significant role. Steel commercial buildings offer a compelling case for lower insurance premiums thanks to a combination…
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The Importance of Construction and Engineering Insurance for Independent Firms
In recent months, the construction industry in the UK has experienced huge growth, and alongside a boom in manufacturing this has triggered a widespread economic recovery. Business owners in the sector will have been concerned to learn that this growth has stalled in the last month, as construction expanded at its slowest pace in more…