Residential Construction Insurance

A clear and accurate incident report should be written so that it is legally, medically and fiscally defensible. Such a strong incident report prevents mountains from forming out of molehills. Yet too often, the Incident Report is relegated as an administrative task. NFP’s Elsie Tai, Vice President of Risk Management Services, talks about the missing link in reporting that could be costing your organization. Q: You say that accident/incident reports are not always serving the company’s interest

NFP's national claims practice works to empower and enhance our clients' ability to address their losses and exposures through various key performance indicators (KPIs) to improve upon their future placement strategies through analytics. Our approach to monitoring KPIs allows us to identify trends in the losses and quickly take corrective actions to reduce future exposures. Our review of carrier claims processes and administration assists our clients in maintaining stricter controls allowing fo

Wrap-up insurance programs are one of the most popular risk management tools used in today's construction world. These programs are utilized on every form of project, including residential buildings, stadium projects, and large road and highway civil projects, providing owners, developers and general contractors alike with better insurance coverage and enhanced cost savings. But what is a wrap-up insurance program and what problems does it solve? In the traditional insurance model for construct

We will all probably agree that the best claim is the one which never occurs. However, claims will happen, and effective management of them is critical to the operational and financial success of any company. This article is intended to point out key areas of opportunity for employers to mitigate their claims exposures, beyond the carrier. Special Claims Handling Instruction Communication = Knowledge = Power Communication Protocols: At the inception of your policy, create communication paths wh

Insurance coverage for the cost to repair or replace faulty workmanship has largely eluded contractors and clients in the construction industry. While there have been successful outcomes for certain claims, and some patchwork solutions available, there has been no consistent and comprehensive solution. While 'faulty workmanship' usually is not defined in the insurance policy, this term generally refers to work that was performed incorrectly, resulting in a flawed product. During the course of c