Hyperinflation of material, labor, and equipment costs is having widespread ramifications for the construction industry,
including project funding issues, cancellation of contracts, and contractor defaults. Despite the flurry of current
construction happening around the country due to infrastructure investments and the demand for new housing, it’s a
challenging time, especially for smaller trade contractors. In 2021, the annual construction input inflation rate reached a
shocking 19.6%. For the sake of perspective, the non-residential construction inflation rate was 4.4% in 2020 and 1.8%
in 2019. The vast majority of contractors in today’s industry haven't had to navigate an inflationary environment that
exceeded 5% for more than 30 years, which means many have never experienced hyperinflation and are struggling with
how to handle it as well as the negative impact it can have on the bottom line.4
Behavioral healthcare providers can help mitigate growing violence rates by adequately assessing the risk of violence a patient presents toward others. The right behavioral healthcare assessments can help protect people from harm and prevent professional liability claims.
"Always looking five years ahead and maintaining an education focus has been key to INSUREtrust’s continued success in the cyber market," says president and CEO Christiaan Durdaller.
The deadly collapse of a 12-story beachfront condominium north of Miami Beach sent shockwaves through the Florida insurance market. One wing of the 40-year-old Champlain Towers in Surfside, Florida, crumpled to the ground suddenly on June 24, 2021, killing 98 people. Several carriers have exited the Florida property market as total settlements rise to more than $130 million, and others are pulling back on property and liability coverage. Faced with the potential for steep losses, insurers are raising rates and deductibles and becoming much more selective. In such a challenging market, it’s crucial to work with experienced, knowledgeable brokers who can provide guidance through a more complex, demanding placement process.
Everyone knows the fine print matters, but it is especially important when it comes to the additional insured endorsements sometimes requested by partners. Clauses requiring such endorsements can be expensive in ways insureds may not realize. Understanding the hidden costs of an additional insured endorsement can keep an insured from unfairly paying for another’s mistakes or unintentionally elevating insurance costs. Contractual provisions requiring additional insured endorsements can vary, and the differences can make a world of difference.
Risk isn't static. Strategies that worked well in the past may no longer fit an organization's evolving risk profile.
That's particularly true for workers' compensation. Claims costs continue to rise, driven by medical inflation and
legal and social trends. Today, businesses and municipalities that have long self-insured their workers' compensation
programs face challenges obtaining excess coverage at their planned levels, exposing them to bigger claims. An
innovative program can bridge those gaps and stem growing financial exposures as long-tail claims develop over time.
Working with a specialist with deep knowledge of the markets and access to these special programs can help build an
effective workers' compensation program that protects employees and the organization.
Skyrocketing premiums are impacting both integrators and their customers. Why and how did the cyber insurance market harden overnight? That is a question many businesses are pondering as they are running into seemingly brick walls at their renewals. Having already been battling hard markets in other lines of insurance over the past few years, cyber premiums increasing significantly had not been an issue until recently. This is in addition to potentially reduced limits and coverage.
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