Higher Construction Costs Lead to Increased Insurance Rates

Higher Construction Costs Lead to Increased Insurance Rates

The construction industry is facing their share of challenges lately. COVID-19-related shutdowns are causing ongoing product shortages. Supply chain disruptions are making it difficult to secure materials and leading to project delays. Soaring inflation is causing construction material prices to skyrocket by as much as 26.7%—which is having a...

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The Benefits of Owner-Controlled Insurance Programs

The Benefits of Owner-Controlled Insurance Programs

Owner-controlled insurance programs (OCIPs), also known as “wrap-ups,” are insurance policies taken out by a property owner during a construction or renovation project. Wrap-up policies offer numerous benefits to the insured, including cost savings, better coverage, more control, and more efficient resolution when incidents occur.  An OCIP...

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The True Cost of Inflated Lumber Prices

The True Cost of Inflated Lumber Prices

Homeowner-hopefuls dreaming of their forever home may have to put those dreams on hold—or spend more than initially anticipated. Lumber shortages over the past 18 months and low housing inventory have made buying or building a new home far more expensive than what any of us could have predicted at the onset of 2021. And although some of the...

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How Lumber Prices Are Impacting the Insurance Market

How Lumber Prices Are Impacting the Insurance Market

What toilet paper was to us in 2020 is now what lumber is in 2021. A number of colliding factors have caused a massive lumber shortage. Add a high demand to that, and the conditions are continuing to drive up prices. The price of lumber is not just up 25 or 50%; it’s up 193% since last year, and it’s about to go even higher! Now, anxious...

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The Top 7 Construction Trends of 2021

The Top 7 Construction Trends of 2021

In 2020, the pandemic changed how everyone did business, especially the construction industry. Looking at 2021, businesses will continue to evolve due to the COVID-19 fallout. In addition, the construction industry is also being impacted by the rise of new technology, as well as a rise in construction costs, labor shortages, and stricter...

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How COVID Continues to Impact Construction Market

How COVID Continues to Impact Construction Market

The impacts of COVID-19 have stretched beyond the healthcare industry, impacting everything from computer security to construction. Those in the construction industry, whether supply chain vendors, contractors, developers, owners, and others, have all had their businesses affected by the pandemic. The varying requirements across the country for...

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5 Ways Insurance Should Adapt to Severe Weather Trends

5 Ways Insurance Should Adapt to Severe Weather Trends

2020 was an expensive year in natural disasters, contributing to a hard property insurance market. Unfortunately, expensive natural disasters are “trending” and expected to continue this year.  Less than normal winter rain and snowfall in regions of California lead experts to believe the state is in for a “worse than average” wildfire season,...

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2021 Trends for the Construction Industry

2021 Trends for the Construction Industry

As a whole, the construction industry saw a significant surge in the first quarter of 2020, raking in more than $900 billion. Then, the coronavirus hit and slowed some work and new contracts down. But even with the effects of the virus taking hold on the industry, the global industry outlook is set for a 3.2-percent growth this year, bringing...

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Stay Cool, but Not TOO Cool: Protecting Workers From Cold Stress

Stay Cool, but Not TOO Cool: Protecting Workers From Cold Stress

Promoting workplace safety has the dual benefit of protecting employees and simultaneously reducing the risk of Workers' Compensation claims. Improved safety procedures also lessen the frequency and expense of Workers’ Compensation claims.  When insurance agents advise their commercial clients about safety best practices, they are providing a...

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4 Things Your Client Must Know about Contractor General Liability Insurance

4 Things Your Client Must Know about Contractor General Liability Insurance

For businesses that utilize subcontractors, Contractor General Liability (CGL) insurance is an absolute necessity.  If a subcontractor hired by your client’s business causes damage, your client’s business can be on the hook for financial compensation to the injured party - this is where CGL insurance comes in. CGL insurance coverage protects your...

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The Benefits of Owner Controlled Insurance Programs

The Benefits of Owner Controlled Insurance Programs

Owner Controlled Insurance Programs or OCIPs (often referred to as “Wrap-Ups”) are insurance policies taken out by a property owner where construction is taking place. OCIP plans provide blanket coverage for the contractors and subcontractors working on the project to ensure that all eligible parties have sufficient liability coverage. Rather...

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Why Workers’ Compensation COI Programs are Essential for Construction Clients

Why Workers’ Compensation COI Programs are Essential for Construction Clients

Certificates of Insurance programs are the cornerstone of Workers’ Compensation protection in the construction business. A Certificate of Insurance (COI) is a form that provides proof of an active Workers’ Compensation policy. The document specifies a variety of details such as the policy holder, insurance provider, and the dates of active...

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Don’t Get Railroaded on Your FELA Claim

Don’t Get Railroaded on Your FELA Claim

Almost all private employees in the United States can collect workers’ compensation if they are injured on the job. Railroad employees are the exception to the rule, as they must file for damages through The Federal Employers Liability Act (FELA). FELA was created in 1908 when railroad use was expanding rapidly in the United States. The industry...

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3 Common Risks Construction Professionals Face

3 Common Risks Construction Professionals Face

Contractors, construction workers and other professionals in this sector are no strangers to environmental, seasonal, and physical risks. The same liberties and perks that attract many people to this industry, including winters off and being free of the confines of an office, pose some significant risks. In this article, we’ll cover the most...

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Jencap offices will be closed Monday, July 4th in observance of Independence Day.