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A software developer with a focus on quantifying weather risk in the insurance industry has branched out to apply its chops to the development of a hyperlocal software-as-a-service weather risk-management system for construction that launched Jan. 29.
Insurers are writing more professional liability coverage for designers, with rates holding steady in the buyer’s market, says a new survey by insurance broker and risk consultant Ames & Gough.
If you had to explore the myths about subcontractor default insurance, Douglas Schrift, AON’s managing director and practice leader for contractor default insurance, is a good person to put together—and dispel—a list of false notions.
Key phrases that are included in many construction contracts, such as “Additional Insured” and “Notification Requirements,” can be maddening if not fully understood.
The effectiveness of contractual risk transfer is more strained than ever. Upstream parties have attempted to toughen the insurance requirements in their construction contracts, utilizing terms that truly alter the intent of the requirement. And, which may, or may not, be insurable. Insurers are pushing back.
Under a settlement agreement reached on Jan. 20, the state of Florida will cease to oppose Progress Energy's plans to proceed with roughly $1 billion in repair work at its damaged Crystal River Nuclear Unit 3 in return for millions of dollars in refunds to customers and restrictions on funding for a proposed $20-billion nuclear plant.
The insurance market for contractors continues to evolve with specific coverages seeing difficult times for rates and capacity. Worldwide capacity for underwriting construction risk remains a challenge. We'll discuss best practices that are driving favorable market responses along with alternative risk financing techniques that contractors are using to better finance losses and control rate impacts.
