Construction Technology and Software Rundown: March 16, 2018
Here’s the rundown on new technology for equipment/fleet maintenance and tracking, liability insurance for iot and drones, and VR project walkthroughs.
Protect Against Design Errors With Owners Protective Professional Indemnity Coverage
Owners Protective Professional (OPP) is an option for filling coverage gaps and protecting both owners and the contractors they hire from the costly consequences resulting from design and construction problems.
When It Comes to Mechanic’s Lien Claims, Pay Now or Pay Big Later
“You get what you pay for” is a popular warning sign suggesting that you cannot buy the quality needed without paying the price necessary to ensure top-notch service. Construction trade services should carefully heed this advice if they decide to engage a lay lien service to protect their mechanic’s lien and payment bond claims on a construction project.
Impact of Experience Modification Ratings on Contractors
In some states, the holy grail of experience mods is 1.00 or less. If the mod is higher, talk to the insurance broker to identify factors other than losses that may be driving up the rate.
Top Considerations for Negotiating Construction Contracts
Construction contracts should establish parameters of the parties’ agreement and allocate and mitigate risk with provisions for price, time and scope; changes; warranties; indemnification; insurance; dispute resolution and termination.
Coverage Options to Protect All Assets in the Construction Industry
Risks in the construction industry fluctuate based on the types of contracts, number of employees, owned assets and more, so a set-it-and-forget-it mindset about insurance is problematic.
The Right Prescription for Resolving Workers’ Comp Claims Quickly
Contractors must take control of the workers' comp claims process by getting injured employees the right care and getting them back to work as quickly as possible, resulting in better managed claims.
How to Get the Most From a Mechanics Lien Claim
Mechanics liens provide protection against nonpayment, but contractors should be aware of steps to take after filing a lien to assure and expedite payment.
