Pioneer Special Risk will now offer environmental and pollution damage risk coverage to specialty contractors. The new options will allow specialty contractors to add incidental contractor pollution coverage to primary CGL policies.
Lockton has hired Brian Driscoll to serve as an executive vice president and producer, a role that will require him to help construction firms adopt risk management programs. Driscoll is a former managing director for the Northeast region for Aon's construction services group.
Fitch Ratings reports that direct written cyberinsurance premiums rose by 35% last year, but knowledge gaps persist with regard to underwriting such coverage, writes Michael Shultz of Cybernance. A framework developed by the National Institute of Standards and Technology is an important tool in addressing these gaps, but just 30% of commercial businesses currently use it, Shultz writes.
Redeveloping the Urban Core Redeveloping brownfields into livable, workable spaces comes with distinct challenges, including potential environmental liability. Fortunately, environmental insurance is proving helpful in addressing those challenges according to Matt O'Malley of XL Catlin. Read more…
Construction consultants carry a higher duty of care than other contractors and must manage their risk of exposure to liability accordingly, writes Daniel Morris. Consultants must manage their risk by defining their scope of works in a precise manner, ensuring that design consultants understand client requirements and considering contractual caps for liability and limitation or exclusion clauses.
To succeed, public-private partnerships must first agree on the pillars of partnership, including clearly defined roles and the use of the agreed-upon framework to solve disputes. Make sure to forge a joint mission statement and identify motivations, risks and expectations for each partner, writes Praduman Jain.
Many companies have had difficulties with cybersecurity because they have under-resourced the problem and aren't sure how to handle it properly, says Centurylink Chief Security Officer Dave Mahon. Companies must map IT assets against corporate strategies, including business objectives, as a first step to protecting against cyberthreats, Mahon says.
A Texas appeals court has affirmed a jury's award of $228,524 to a subcontractor seeking payment for digging trenches for an ill-fated toll road. The court says the firm gave proper notice to recover payment through the general contractor's performance bond.
A federal appeals court Friday determined that an insurer has no obligation to pay a construction company listed as an additional insured for claims related to a fire-protection system that had to be replaced. A subcontract required the company that installed the system to name the construction firm as an additional insured on a commercial general liability policy.
The Port of Anchorage in Alaska is important to the entire region's economy, but its docks are corroding and port officials have no money to pay for the needed improvements. Officials estimate the port will have to close in 10 years if upgrades don't happen.
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