Demolition Insurance

Insurance companies are no longer running away from the wrecking ball.  At least not on buildings of 3 story or less.  That is due to the fact explosives are not use in these type operations therefore the risk is less.   There are main stream companies now entering this market who previously shied away from these risks.

 

Because more main stream competitors are entering the market, rates are decreasing and competition is increasing.  Traditionally, these operations are less risky as previously thought, but companies have become aware this has been a long under-served market and have developed specialty products and rates placing them under their “program markets” allowing agents to address the industry’s special needs and access a company’s expertise.  If you have questions regarding your insurance, please talk with your agent or one of ours.

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.

Heavy Construction Insurance

One might believe heavy construction has come to a standstill due to the economy, but nothing could be further from the truth.  Infrastructure is still being maintained and advanced.  Funding is still there for many government projects and private projects.  However bidding for those contracts may have changed.  There are a lot of joint ventures now bidding and sharing payroll, equipment and materials due to streamlining job costs.

 

There are inherent risks with this type bidding, construction risks, and insured’s contractual obligations of which the client should be aware.  Along with insurance, these contractors are facing smaller profit margins, rising costs of materials and more conservative financing.  Even so, the outlook for heavy construction is good.  Insurance is being re-evaluated though.  Some are reconsidering umbrella limits, and moving from guaranteed cost programs to loss-sensitive.  Many are taking advantage of risk management services.  If you have questions regarding your Heavy Construction insurance needs, please talk with your agent or one of ours.

 

Commercial Insurance.Net, LLC Advisor is not an attorney, accountant or certified financial planner and makes no representations or warranties to that effect.  Always check with your chosen professional as to statements made in this blog for your particular situation.