This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
The new water management standard enforces Mandatory Water Systems Management Plans, Active Automatic Flow Monitoring Shutoff (AAFMS), and coverage for temporary and permanent water systems. Equally, many insurers will require compliance with JCoP guidelines to provide coverage.
The partnership combines WINT’s industry-leading AI-based water management solutions with HSB’s unique expertise in IoT technology and OEM uptime warranty solutions to provide businesses with an ultimate solution to protect from water leak damage. Water leaks are a major point of pain across the real estate and construction industry.
has hired Jim Kilnoski, GISP, adding his national experience with FEMA’s flood insurance study process to our stormwater group to help communities develop resilience. In his GIS work on FEMA flood risk projects in multiple states, Kilnoski has led development of innovative tools and consistently delivered high-quality final map products.
As a climate tech investor, we were greatly impressed by WINT’s vision to bring sustainability and risk mitigation into water management, coupled with its ability to rapidly rise to market leadership in this fast-growing space,” said Michal Mravec, Investment Director at Inven Capital. NEW YORK — Aug.
Dycian believes that major changes can be made by re-evaluating our buildings from the inside out. Dycian points out that water leaks and breaks result in tens of billions of dollars in damage each year worldwide, making it the top problem for construction insurance and third for property insurance.
If developers and building managers want to ensure steady continuity all year round without any prevalent setbacks and minimal risks, they must ensure their site is equipped with sufficient security measures that protect valuable assets and maintain worker safety. Legal compliance : Meeting insurance requirements and local regulations.
will focus on the connection between technology adoption in construction and reducing the cost of risk. will focus on the connection between technology adoption in construction and reducing the cost of risk. Ghanbarian has more than 15 years of dedicated experience in home services and water management solutions.
Risk Data Uncovered: How Technology is Transforming RiskManagement in Construction , produced in partnership with Frost & Sullivan, provides compelling data that underscores the value of tech-enabled practices in reducing risks and protecting your most critical assets: your people.
Cyber incidents such as data breaches, ransomware attacks, and IT disruptions are the biggest business risks for companies globally in 2025, according to the Allianz Risk Barometer. The Risk Barometer also surveyed Construction and Engineering risk experts to identify the threats keeping them up at night.
It feels like the world is changing, and changing fast. It’s probably hard to imagine that in the midst of all this innovation, some things haven’t changed much—if at all. The Power of Data To illustrate, think of construction insurance a bit like car insurance. That’s $1.5M
Toll Brothers is acting as managing member and development lead for the project, overseeing approvals, design, construction, and sales. Bank OZK is delighted to finance another project for a quality sponsor like Toll Brothers and its partner Daiwa House,” said Dave Sarner, Managing Director of Originations at Bank OZK.
Construction-to-permanent loans are considered high risk, so capital partners are usually quite involved in ensuring that the project stays on time and on budget. These loans often restrict the ability to change contractors during construction, making the initial contractor selection particularly crucial.
He’s happy because 20 years ago he left a lucrative career as a hedge fund manager to start a construction company in Rehoboth Beach, Del., John “JD” DiStefano carries that flag to the field as one of the company’s two production managers in Delaware. Such is the story of Schell Brothers, our 2023 Builder of the Year.
construction industry continues to benefit from steady economic growth, most insurers providingarchitects and engineers (A/E) professional liability insurance are concerned about the persistent effects of inflation on claim expenses, uncertainty about the U.S. One insurer estimated claim costs are rising 3 – 5 percent annually.
As building operations become increasingly complex and demanding, the need for better water management solutions is critical. Awareness of the continuing carbon impact of inefficient water management is also leading the industry to search for ways to take a proactive approach to water management in the buildings of the future.
Construction companies must adopt proactive cash flow management strategies to thrive in this environment. The Current State of Construction Finance Construction firms are more often faced with the problem of being less productive, possibly with higher operating costs due to inefficient financial management systems.
Here are a few resources from Procore to help drive the change. Panelists for the upcoming webinar include Stacee Barkley, global diversity, equity, and inclusion leader for DPR Construction ; Abby Ferri, CSP , chief risk officer for Insurate ; and Cal Beyer, vice president of workforce risk & worker wellbeing for Holmes Murphy.
These geological phenomena, often overshadowed by more visible risks, pose significant threats to the stability and longevity of buildings. In todays construction projects, the lack of consideration for this risk implies heavy losses, both financial and in terms of business performance.
Information of Construction RiskManagement. Construction riskmanagement is a long steep process, in which we have to calculate the all-possible risk and determine the process by which we can reduce this type of risk. Where we identify, analyze the risks and work over them.
How to ManageRisk in Your Construction Project. According to The Construction Industry Institute , there are about 107 construction risks you should consider when managing a project. Regardless, a solid riskmanagement strategy is critical to the security of your company and project.
The company prides itself on a culture of “passion, partnership, and performance,” which has earned it the title of US Best Managed Company for three consecutive years. ISNetworld helps companies like Coke Florida manage contractor safety, insurance, and regulatory information.
The Insurance Institute for Business & Home Safety ( IBHS ) today released the 2025 FORTIFIED Home, FORTIFIED Commercial and FORTIFIED Multifamily construction standards. So, its in the best interest of homeowners for us to make this change, says Malik.
From crafting schedules and allocating budgets to nurturing a proficient workforce through comprehensive construction riskmanagement training and drafting a symphony of contracts—the journey of a construction project is a tapestry woven with multifaceted administrative intricacies.
Long-Term Prevention Methods The protection against future storm damage depends on implementing a full-scale strategy. One should recognize the vital need to prepare roofing structures to withstand severe weather conditions.
Insurance has never felt cheap to companies in the construction sector, although many or most of them never took the sort of riskmanagement measures highlighted in our regular insurance articles, so to a large extent often had only themselves to blame if they were paying higher premiums than they need have.
Legal liability for defects typically extends 6-10 years for major structural issues and 2-7 years for workmanship problems, with standard homeowner’s insurance often excluding coverage for poor workmanship. Electrical and Plumbing Issues Electrical and plumbing defects create both functionality problems and safety risks.
Thorough planning and a clear budget are critical for successful bathroom renovations, with considerations for fixtures, design, and project management. Effective management of a renovation includes hiring skilled tradespeople, maintaining quality control, and being prepared for unexpected challenges.
While bringing in large projects and generating revenue is essential, it’s equally important to manage profit effectively and ensure healthy margins. It’s so hard to hire a project engineer or even a project manager or superintendent. Recognize that risks are part of the territory Reducing risk starts by recognizing it.
However, before starting work on a building financed with a construction-to-permanent loan, both property owners and contractors need to understand the risks. When the project is finished, the loan changes into a fixed-rate permanent mortgage loan for 15 to 30 years, depending on the chosen option. Budgeting problems.
All-cash offers: eliminating traditional loan approvals can lower the risk for both sides while guaranteeing immediate funds upon closing. That locked-in figure can alleviate worries about last-minute changes or withdrawn offers. Possible Risks to Homeowners Every property purchase comes with unique concerns.
In light of this market change selecting a provider that delivers dependable value and reliability becomes even more crucial. The equipment rental industry will reach $78.2 billion in 2024 according to recent market projections which indicate an 8.2% The projected market growth will slow to 5.7% in 2025 as the market valuation approaches $82.6
Fast-tracking construction projects offers both risk and reward dbarista Mon, 08/14/2023 - 13:50 0 Contractors Understanding both the rewards and risk of fast-tracking a project can help owners, architects, engineers, and contractors maximize the benefits of this strategy and can bring great reward on all fronts when managed properly.
Let’s get some clarity on some of this year’s FAQs about Contractor Management platforms and how you can conquer each quarter! Here are some key aspects of Annual Updates to note for contractor safety and compliance: Purpose – To review changes to safety laws, regulations, and site requirements yearly.
Straightforward and standardised communication is a fundamental part of construction management. Increasing gender diversity As a sector that is already under pressure with skilled labour shortages, it is high time we change the fact that this is also a very male-dominated industry. Take Fredon for example.
Analysis The construction adjudicator of the future Mike Waring , construction specialist and partner at Knights, explores the concept of the AI Adjudicator-bot and delves into how AI can enhance case management, with a particular focus on its application in adjudication.
Prequalification can ensure contractors are capable, insured, and able to meet all the complex safety and performance requirements. Contractors are required to provide documentation such as: Financial statements Insurance certificates Safety plans Licensing information Training logs And more! Studies show that 3.6% on training.
Generative AI will be leveraged by more construction businesses to help collect and standardize the vast amounts of data they operate with – providing more actionable insights and reducing risk. “It all comes back to predictability.
Climate change is impacting businesses worldwide, with commercial properties facing risks from extreme weather and rising sea levels. A commercial property insurance broker can help identify vulnerabilities and secure the right coverage. Conducting a comprehensive risk assessment is essential.
As not every project is the same, there are various types of contracts between the owner and contractor which depending upon which is chosen can change your responsibilities drastically. Any change to, deviation or omission on those documents would be the responsibility of the owner to cover the costs. Construction Contract Types.
Running a business comes with its fair share of challenges and risks, especially when it involves producing or selling products. One crucial aspect of safeguarding your business is understanding product indemnity insurance. What is Product Indemnity Insurance? Why Do Businesses Need Product Indemnity Insurance?
In this article, we will explore in detail the key provisions of House Bill 293, discuss a variety of hurricane protection options, including motorized screens and hurricane window protection, and explain how these solutions can improve your home’s safety and potentially reduce insurance costs.
Navigating the world of ever changing contractor regulations and qualifications can be difficult. To simplify the process, you can utilize contractor management services. What are Contractor Management Services? Contractor management service providers help contractors become prequalified for contracts and jobs.
Whether the motivation is building code compliance, building protection and performance, or insurance premium reductions, it is necessary for facility owners and managers to address flood risk and determine how to protect their facilities. Zones B, C, and X are areas of low to moderate flood risk.
Project loss insurance has the potential to save contractors from devastating project losses, no matter the cause. Project loss insurance, or PLI, is designed to mitigate catastrophic construction project losses. It also helps contractors manage cash flow during a loss. Project loss insurance coverage.
We organize all of the trending information in your field so you don't have to. Join 79,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content