Rate hikes likely as insurers face string of catastrophes | New technology can lead to increased cyberrisk | Societal factors can put trade workers at risk of drug overdoses
October 19, 2017
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Surety & Insurance Market Trends
Rate hikes likely as insurers face string of catastrophes
Recent catastrophes didn't just damage property; insurance rates could be in danger as well. Recent natural catastrophes such as the hurricanes in the Caribbean and earthquakes in Mexico will have underwriters looking to increase rates across several lines of business in the near future. "Clearly there's a recognition that the market needs to see some correction," said Paul Kim, managing director and co-chief broking officer at Aon Risk Solutions in New York. However, only about one-third of insurance companies have reported their third-quarter catastrophe-loss estimates, so the potential amount of rate increases remains unclear. Read more.
Business Insurance (tiered subscription model) (10/11) 
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Making the Most of Parcel Boundary Data
For a growing list of industries, the importance and widening use of parcel boundary and property data continues to grow. Thankfully, alternatives to traditional parcel acquisition efforts are now available through cost-effective and ready to use solutions. Read our guide to smart decision-making using parcel boundary data
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On the Radar Screen
New technology can lead to increased cyberrisk
To take advantage of the new opportunities provided by technological advancements, companies' approach to cyberrisk management must evolve. Sufficient planning must take place to ensure that new technologies are integrated properly with existing processes and operations, according to Sam Friedman, insurance research leader for the Deloitte Center for Financial Services.
World Risk and Insurance News (10/12) 
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Societal factors can put trade workers at risk of drug overdoses
Societal stigma and other factors can make it hard for trade workers to be frank about addiction problems, which have contributed to a high rate of opioid overdoses among such workers in British Columbia, according to Fraser Health Chief Medical Health Officer Victoria Lee. It can be difficult for coworkers and bosses to learn about workers' addiction problems because contract workers often move from job to job without establishing strong bonds, said Dana Taylor of the Mechanical Contractors Association of British Columbia
The Vancouver Sun (British Columbia) (10/14),  The Vancouver Sun (British Columbia) (10/16) 
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Construction Contract Terms & Conditions
Contractors must do their research before starting FEMA-backed projects
Contractors must do their research before starting FEMA-backed projects
(Helene Valenzuela/AFP/Getty Images)
Contractors who work on projects funded with Federal Emergency Management Agency payouts must be aware of the funding stipulations. While work that qualifies for FEMA grants can provide a level of funding security, contractors must be careful to ensure that the work they perform qualifies for reimbursement under FEMA guidelines, which generally do not allow for full restorations.
Construction Dive (10/17) 
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Language Training Leads to Reduced Risk and Increased Productivity
A workforce proficient in English language skills benefits almost every area of manufacturing and construction operations. Read this eBook to learn how English language training leads to higher retention rates, reduced OSHA violation risk, and more.
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Protocols & Procedures
Weigh risk factors before splitting up contracts
Splitting up contracts to subcontract with multiple specialty companies is one way to avoid costly delays. But the practice entails different risks that Kim Slowey explores while offering tips to determine whether splits are a good idea in different situations.
Construction Dive (10/12) 
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Construction & Insurance Case Law
Conn. statute of limitations on construction claims begins
A 10-year statute of limitations from a project's date of substantial completion is now in effect for initiating claims regarding defective construction and design work in Connecticut. However, there are four exceptions to the law.
Construction Law Zone (10/11) 
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Project Focus
Hurricane rebuilding carries a number of risks
A shortage of qualified construction workers to handle the rebuilding process following recent hurricanes constitutes one of the top risks associated with the process, writes Joe Cellura, president of North American Casualty at Allied World. In addition, the possibility of structural damage will present a risk to workers who assist with rebuilding, although drone operations and protective gear can help minimize these risks.
World Risk and Insurance News (10/17) 
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Alaska contractor to pay $280K fine for retaining wall collapse
Alaska contractor North Country Services will accept a $280,000 fine assessed by the Alaska Labor and Workforce Development Department stemming from the lethal collapse of a concrete retaining wall. Alaska safety officials ruled that the contractor failed to ensure the wall was braced as Nicholson Tinker prepared it for demolition, which ultimately led to the wall's collapse and Tinker's death.
The Washington Times/The Associated Press (10/17) 
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AGC News
AGC Build America and AGC in the Community competitions now open
AGC of America is proud to announce the launch of our 2018 project award competitions! The Alliant Build America Awards (including the Marvin M. Black Partnering Excellence category) and AGC in the Community competitions are now accepting applications. These programs recognize the nation's most impressive construction projects ranging across the building, highway and transportation, utility infrastructure, and federal and heavy divisions; those contractors excelling in their partnering and collaborative endeavors; and the charitable contractors and chapters giving back to their communities. AGC member companies and chapters in good standing who meet the competition requirements are encouraged to apply online for some much-deserved recognition. Apply by Oct. 25 for full consideration. Learn more.
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A man who dares to waste one hour of time has not discovered the value of life.
Charles Darwin,
naturalist
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