How is Construction Insurance Changing?

 [box type=”success” ]Check out the video above by Sage about how construction insurance is changing.[/box]

“Construction insurance is always changing. It has changed quite a bit over the past 30 years. Coverage is decreasing.”

“Contractors need to identify their loss exposures and look at the various loss control techniques.”

How can contractors reduce their loss exposure? Here are few common techniques…[checklist]

  • Avoidance
  • Loss reduction
  • Loss prevention
  • Risk transfer[/checklist]

How can contractors reduce project risk from the start?[checklist]

  • Better estimating to avoid the jobs that are not in their normal scope of work
  • Not traveling outside of their normal geographical territory (possibility of different soil conditions, working with unfamiliar companies)
  • Confirm that financing is in place to reduce payment risk [/checklist]

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