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...