Risk is inherent in any business. But construction risk is another story entirely, which is why the right insurance arrangement is so important. Given time, something will go wrong on-site. Everyone should be covered, but that can be tricky when subcontractors come in to complete a project. The more subcontractors on the job, the more…
A COI (Certificate of Insurance) is a one-page document that proves a business, contractor, or vendor has active insurance coverage. It is not an insurance policy — it is evidence that a policy exists.
Risk management in construction projects must account for a wide range of variables, many of which aren’t always in a general contractor’s control. Supply chain issues, labor issues, and commodity market pricing could add to the upfront costs of a project, and unforeseen changes in the work could impact both budgets and timelines. Health and…
Imagine this scenario: A construction company is building on a tight budget. To keep costs down and ensure the project stays on track, the team relies on manual methods, like tracking insurance in Excel. However, when a subcontractor’s insurance policy expires, it goes unnoticed by the project team, and they fail to request an updated…
Every project requires insurance – we all know that. It’s how we track that insurance that is still managed in a manner that is outdated and most likely putting your company at risk. I’m talking about excel and no, conditional formatting is not an upgrade to excel nor does it do a better job of…
Before I dive into the importance of insurance tracking I feel it’s important to understand my long history in construction since; I feel it’s extremely relevant to the topic of compliance. I am a self-proclaimed construction nerd. I love construction, the construction industry and most of all, the diverse group of people and companies that…
In construction, you always hear the same two keys to success – “On Time” and “On Budget”. These mantras are great and hitting these metrics will make you successful. But all the success in the industry will disappear in a split second if you are not actively managing insurance on your projects. I would be…
Introduction Tracking certificates of insurance has its challenges. It’s not exactly the most fun task to carry out, but at the same time it is mission critical to any construction business to make sure your third parties are properly insured in order to minimize risk transfer. If you are attempting to handle the entire certificate…
