Construction industry participants face exposure to risks arising from the professional services that are required to design and construct a particular project. Professional liability insurance is a common tool used by contractors and designers to transfer risks from errors and omissions in the provision of professional services to third party insurers in exchange for payment of the policy premium. For design professionals these policies provide coverage for losses arising out of errors and omissions in professional design services such as those that result in the development of plans and specifications, as well as those arising from defective contract administration and consulting. Contractors purchase these policies to provide coverage largely to cover exposures from defective construction management.
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The term “risk transfer” means just that: a risk that one party bears is transferred to another. In reality, risk transfer in the context of a contractual transfer of risk from an insured to an insurer is better understood as a transfer of the financial costs of certain risks. For example, if a subcontractor injures a third-party or damages their property, the subcontractor’s commercial general liability policy should provide the subcontractor with defense and indemnification coverage. In other words, the financial cost of a covered risk is transferred from the insured to its insurance carrier. The ability to finance the costs of potential risks is a key tool in how most construction contracts are structured. Here is how.
Topics: Risk Management Contract Review
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According to the National Safety Council, the use of a cell phone while driving causes an estimated 1.6 million accidents each year. In 2018 alone, 4,637 people died in a car accident due to cell phone use. 14% of fatal crashes involved cell phones. Distracted driving is an epidemic.
Starting July 1, 2020, there will be a new Indiana State Law for distracted driving. This bill will extend the 2011 ban of texting while driving to banning all physical use of a cell phone unless using hands-free technology. We encourage you to take a little extra time to consider the dangers of distracted driving and get to know the laws for distracted driving in your state.
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In this article originally published by Gibson's Loss Prevention Manager, Gary Clark, we explore best practices for staying safe during the cold winter months. With the cold weather, winter brings a slew of workplace safety hazards. From proper attire to snow removal and slippery surfaces, you should be thinking about how the cold weather impacts your employees. How can you protect them from the cold this winter?
Consider the following tips to keep your workforce prepared and protected:
Topics: Commercial Insurance Risk Management
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Looking for ways to educate and engage your employees on safety & health topics throughout the year? Check out our 2020 Safety & Health Calendar.
Workplace safety and wellbeing should be a top priority for leadership and employees. But how can you keep your employees engaged all year long? For every organization the approach is different – you could have a safety committee, newsletters, monthly training sessions, and more. The 2020 Safety & Health Calendar is a valuable tool you can utilize to make your efforts more effective.
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The holiday season is upon us once more! 'Tis the season for family and giving, festive decorations, social gatherings and office parties, tasty sweets, family meals, shopping, and more.
With so many jolly activities to participate in, it's important to make sure you, your loved ones, and your organization are safe and healthy this holiday season. Consider the following resources to get you ready for the holidays!
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Life insurance is one of those necessary evils that many of us don’t like to think about. While you hope you never need it, the chances are at some point you will. Life insurance is a wonderful way to help protect your family’s financial future whether you have a spouse, kids, parents that depend on you for financial support, or just debt. Life insurance provides a tax-free benefit to fulfill your needs, and those of your family, should you pass away andcan help your family pay for, and pay off, expenses such as:
- Funeral cost
- Uncovered medical expenses
- Loans and credit card debt
- College funding
- Retirement funding
- Ongoing living expenses for your dependents
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Prepared, Not Scared.
That is the theme for this year’s National Preparedness Month. Annually, FEMA and other government organizations dedicate the month of September to educating individuals, families, businesses, and communities on the importance of taking action to prepare for emergency situations.The weekly themes include:
- Week 1 (Sept 1-7) - Save Early for Disaster Costs
- Week 2 (Sept 8-14) - Make a Plan to Prepare for Disasters
- Week 3 (Sept 15-21) - Teach Youth to Prepare for Disasters
- Week 4 (Sept 22-30) - Get Involved in Your Community's Preparedness
Though we hope you’ll consider disaster preparedness an important aspect of your risk management strategy all year long, this is a great time to check on your planning – both personally and in your organization. We’ve gathered a collection of resources to help you develop, implement, and test your emergency plans.
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The greatest risk students face is getting to and from school every day.
According to The “Relative Risks of Death in U.S. Schools” report, school transportation-related incidents are the leading cause of fatalities. This includes riding school transportation, being struck by a school bus or other school vehicle, or being killed by a non-school vehicle on school property.
Topics: Risk Management Schools
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Accidents are preventable, predictable, and unacceptable. Heat illnesses are no exception – they are preventable. It is your responsibility as an employer to provide a workplace safe from excessive heat, as well as appropriately train your employees on understanding heat illnesses and how they can be prevented.