insurance

Workers Compensation Insurance coverage

Employee’s Compensation Insurance coverage for building-related framing contractors has all the time been expensive. By hiring an expert portray contractor can save a number of your time as a substitute of doing it your self. First off, some employers could be turned off considering you for a fulltime job with their firm if you have a recent track document of engaged on contracts.

B – Discover out the place the contractor relies out of and when you may need to take into account someone to be doing a little exterior portray as a result of if they are living close by they are going to know the climate conditions on the entire for the area if the contractor is close by then he would possibly be capable of afford to come in on days the place the forecast is for rain however sometimes it doesn’t rain and the work may have been executed however somebody who lives far away won’t take a chance with the climate forecast.

In fact you could say that the variety of choices you may have while choosing a roof restore contractor, are as assorted because the number of selections you may have while choosing a roof for you home. They hire GC who used to be tile guy or painter and got his GC license and now he have rights to take whole challenge, outsource all other work to other contractors, cost 15% for delegation and do his tile work.

In both case, you’d most likely be higher off looking for another general contractor firm. Skills, credentials, and a superb track file of successfully accomplished jobs are necessary of course, but it’s in the day-to-day development job that you’ll really see the value of your building contractor.

Do It Yourself – With out working a …

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Federal Contractors Argue Cyber Insurance Isn’t a Safe Bet for Better Security

A broad range of federal contractors fear a watchdog report on the government’s role facilitating coverage of cybersecurity risks—included in the House-passed National Defense Authorization Act—will lead to a mandate that their companies hold related insurance policies.

In a recent letter to leaders of the House and Senate Armed Services committees, the Professional Services Council opposed a provision in the House bill calling for the Government Accountability Office to produce recommendations after studying the state of the insurance industry and the extent to which it’s tied to minimum standards for cybersecurity.

The provision—Sec. 1710A—doesn’t require federal contractors to have cyber insurance policies, but it is grouped together in the letter with a number of other proposals around cyber threat hunting and intelligence sharing that are based on recommendations of the public-private, nonpartisan, congressionally established Cyberspace Solarium Commission. 

The commission’s lawmakers—who represent the political spectrum—are trying to get as many of its recommendations as possible to survive conference negotiations and make it into the final annual defense authorization bill.  

“PSC appreciates the extensive work of the Cyberspace Solarium Commission and believes that the report and many of its recommendations will significantly improve cybersecurity and cyber hygiene,” the group wrote. “That said, the inclusion of these specific provisions would require significant contractor community investments while providing few if any benefits to cybersecurity.” 

The commission proposes a whole new ecosystem of government and government-adjacent structures based on its preference for financial incentives instead of regulatory mandates. For at least a decade, policy makers on both sides of the aisle have posited that given a boost, cybersecurity insurance could perform the same role of government regulations in improving organizations’ cybersecurity practices. One way they saw of helping the market along, then and now, is to use the government’s purchasing power. 

“Insurers will require a

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Courts siding with insurance firms over business interruption claims | Business

A growing number of U.S. courts are ruling against employers who’ve filed insurance claims for business interruption coverage stemming from government-ordered coronavirus shutdowns.

The Insurance Information Institute reports insurers have won more than a dozen cases since May, with judges ruling that the policies only kick in if a property sustains physical damage. The business owners had argued that the coverage should have started when local or state governments issued stay-at-home orders that hampered their ability to operate.

A couple of Charleston-area cases are still pending in federal court. Black Magic Cafe says its losses started on March 17, when Gov. Henry McMaster ordered a temporary halt to dine-in services at South Carolina restaurants.

The historic Calhoun Mansion at 10 Meeting St., now known as The Williams Mansion, sued its insurer after a McMaster executive order shut down museums.



Charleston cafe takes on insurance firm in fight over coronavirus claims

A bill that would have required insurance carriers to cover coronavirus-related business losses — co-sponsored by Sen. Sandy Senn, a Charleston Republican, and Sen. Marlon Kimpson, a Charleston Democrat — was introduced in the S.C. Statehouse in April but went nowhere.

Recent court rulings indicate the local cases might be a losing cause.

For example, Judge Thomas Thrash last week dismissed a federal lawsuit brought by restaurant in Georgia, ruling that a government stay-at-home order did not cause the business to sustain direct physical loss of or damage to its insured property or surrounding premises.



Owner of Charleston's historic Calhoun Mansion suing insurer over COVID-19 claims

Similarly, a U.S. District Court judge in Florida last month dismissed a trade show display company’s claims, saying “the plain language of the policies reflect that actual, concrete damage is necessary.”

And in another ruling in California last month, Judge Cathy Ann Bencivengo ruled against a pair of barbershops, stating: “Most courts have rejected these claims, finding that the

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Technology trends remodeling the motor insurance sector in India

The business ecosystem is changing with the rapid emergence of new-age technology such as Artificial Intelligence (AI) and the Internet of Things (IoT).

insurance, motor insurance, renewal of motor insurance policy, motor insurance claims, pollution under control certificate, PUC certificate, IRDAI

The Indian insurance sector is experiencing a technological shift. Technology in the insurance sector is transforming the ecosystem not just in scale but also in fundamental aspects. The digital-first business model is the result of companies using data and technology more than ever, testing new business models and revenue streams fueled by new technology. Advanced insurance technology is now already an integral part of the industry, for both insurer and insured.

Today’s consumers have more complex needs and are more knowledgeable and aware of their choices than ever before. They want personalized offerings and tailored communications which leads to insurers digitizing their services and optimizing all interactions.

The business ecosystem is changing with the rapid emergence of new-age technology such as Artificial Intelligence (AI) and the Internet of Things (IoT), and the incumbents of the market are strategizing to enable their businesses to transform digitally. The implementation of any emerging technology is a top-down exercise for the industry, from evaluating the acceptance of new-age technology to shifts in customer behavior, the insurance company has to run the show and usher in the digital transformation.

The insurance industry in India has adapted to numerous developments, amendments and trends such as:

Artificial Intelligence (AI)

Consumers are always looking for personalized experiences, especially when purchasing something as important as insurance. AI offers insurers the ability to create these unique experiences, meeting the high-speed demands of modern consumers.

With AI, insurers can improve claims turnaround cycles and fundamentally change the underwriting process. AI also helps insurers to access data faster and cutting out the human element that leads to more accurate reporting in shorter periods of time.

Machine Learning

Machine learning

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General Contractor Overhead And Profit And AOB Insurance Scams

A storm is rising, and it is not the type which causes damage to homes and vehicles. It causes damage of a much more insidious nature. Following a storm or other natural disaster, canvassers hired by the “hail cartel”—lawyers or opportunistic general contractors—can be found blanketing a neighborhood and knocking on doors.

“I’m here to get you a new roof,” the canvasser says. They tell the innocent homeowner that he or she has roof damage that they may not have noticed and that they are entitled to 20% more for “general contractor overhead and profit,” even if no general contractor is necessary. They locate and fabricate damages which either did not exist or were pre-existing and ask the homeowner to sign an Assignment of Benefits (AOB) and promise them a new roof at no cost and with no hassle on their part.

This is repeated thousands of times across entire zip codes. A lawsuit is quickly filed against the insurance company, even before they are given notice of a claim. Policyholders are misinformed, contractors circumvent statutory and policy guidelines, contractors and general adjusters inflate damages, and attorneys apply mass tort models with the promise of large attorney’s fees to simple property damage claims.

Claim solicitation efforts such as these have ensnared innocent homeowners in unnecessary lawsuits in recent years by promising big payouts at no cost following hail or other natural disasters. The result of the widespread scheme is higher insurance premiums and less choice in insurance companies throughout many states. AOB scams have become the largest cost-driver in the insurance industry and are having a widespread, detrimental effect on consumers across the country. The mess they create complicates and makes more difficult the carrier’s efforts to subrogate a loss if and when there is a third party responsible for

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