Construction Equipment Rental Insurance: How & Where to Get Coverage Contractors and construction businesses that rent equipment should consider getting construction equipment rental insurance. This type of insurance covers the cost of replacing rented tools and equipment if they get... ...
And some coverage, such as that for terrorism-related events, will not be available at any cost. The insurance problem is being compounded because many people working in the construction industry have never experienced an unfavorable insurance cycle, the last one being in 1984-87. And, the ...
L3-3 Cost estimating: Considerations of estimates L3-4 Cost estimating: Elements of cost estimation L3-5 Bidding 5L7 Dispute Resolution L7-1 Overview L7-2 Litigation L7-3 Arbitration L7-4 Litigation v. Arbitration L7-5 Other Procedures ...
Both bonds and insurance cost money for contractors, which means that the costs must be covered by the projects they complete. Generally speaking, bond and insurance coverage have annual costs, which contractors then spread across projects throughout the year. However, contractors may need to secure...
With over 30 years of experience, our professional indemnity team can offer cost-effective coverage for claims resulting from errors, omissions, or negligent advice. We also provide owner controlled insurance (OCIP), latent defects insurance, and pollution liability insurance to address specific needs....
The good news is that most of the time, the project sponsor will pay for the cost of the insurance. However, it is usually the contractor’s responsibility to procure the right coverage. Most larger projects will require you to purchase many of the policies that we have already discussed, ...
Coverage applies to everything from lost business revenue to potential legal/court fees and beyond. How Much Does Construction Insurance Cost in Utah? The short answer is: It depends. On a lot. A small construction company with just a few employees that only handles sidewalk paving might pay ...
That’s why several types of construction contracts have been developed, such as lump sum, cost-plus, time & materials (TM) and unit pricing contracts. Whichever type you use, ProjectManager is project management software that can help you manage your construction contracts. ProjectManager’s ...
There is no one-size-fits-all solution, and costs can vary depending on several factors. As a construction business owner, it’s important to understand the variables that may impact the cost of your insurance coverage. One key factor is the size of your business, as larger businesses with...
blueprints to determine the amounts and types of each material and the labor necessary for each section of the project they are responsible for. (Quantities of each material are “taken off” of the blueprints). The takeoff list is then used to create the cost estimate and the project bid....