The past few years have been a figurative roller coaster ride for the construction industry. As construction continues to confront things like a declining workforce and inflation, we’re likely to see a few more twists and turns this year. Agents will need to keep a watchful eye on industry trends and what current market conditions may mean for...
Between labor shortages, supply chain delays, interest rate hikes, and building valuation increases, It hasn’t been the easiest year so far for building contractors. The cherry on top has been insurance carriers issuing significant rate increases and cutting coverage for many of their insureds. Jencap has a few ways that you can support your...
2022 was a trying year for businesses and consumers alike, and 2023 will no doubt face its own set of challenges. In an interview with Insurance Business America, Mike Becker, CEO of the National Association of Professional Insurance Agents, offers encouragement to independent insurance agents: “Any sort of economic uncertainty is unnerving to...
As we head into 2023, construction contractors should prepare for rate increases of at least 10 percent. Of course, this will vary business to business depending on changes to things like payroll, property values, and previous years’ losses. In addition, different insurance markets are harder than others, depending on current economic and social...
Do you have clients who want to challenge certain Workers’ Compensation claims by citing employee misconduct? According to this recent Business Insurance article, if employers want to challenge federal citations for workplace safety violations, they must demonstrate that they: Provide proper training. Document the organization’s workplace...
Green construction is growing, as companies strive to create more sustainable, energy-efficient, resilient buildings. As this article outlines, however, sustainable construction projects use new technologies, materials, and construction methods that create unforeseen challenges and risks: Most sustainable production plants use emerging...
Suppose your client’s construction company hired subcontractors to help renovate a multimillion-dollar home. During the renovation process, the arborist your client hired cut down a tree that fell the wrong way, causing extensive damage to the house. The homeowner sues your client for the damage. Even if your client has General Liability...
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...
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...
The Infrastructure Investment and Jobs Act (IIJA) marks one of the most significant physical infrastructure investments in the U.S. in more than five decades. It will lead to a growing number of projects and jobs across multiple industries. The insurance industry will need to be armed and ready to provide appropriate policy coverage for the...
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...
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...
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...