article thumbnail

Carpenter’s Insurance: Who Needs It & Why

Levelset

Insurance is one part of a strategy to keep your carpentry business financially healthy. To minimize any financial damage, a comprehensive carpenter’s insurance plan is a smart bet. . What is carpenter insurance? Does a carpenter need insurance? Insurance serves another purpose.

article thumbnail

First-Party vs. Third-Party Insurance: What’s the Difference?

Levelset

As you dig deeper into your construction insurance policy, you may come across the terms first-party insurance and third-party insurance. Mastering the difference between these two concepts is crucial to understanding how different types of construction insurance protect you.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Liability Rates Hold Steady as Risks Grow More Complex

ENR Construction

Insurers are writing more professional liability coverage for designers, with rates holding steady in the buyer’s market, says a new survey by insurance broker and risk consultant Ames & Gough.

article thumbnail

#128:  Waivers of Subrogation

NH Construction Law

Subrogation – the right of an insurer, upon paying an injured party’s damages arising out of a negligence claim, to chase the negligent party for reimbursement – is a staple of the law. And the insurer will have no say in the matter. Notice that this clause expressly addresses only property insurance.

article thumbnail

Louisiana Court Enforces AIA Wavier of Subrogation to Preclude Carrier’s Recovery

Constructlaw

Fire broke out, resulting in a loss that was paid by the owner’s builder’s risk insurance. or other property insurance applicable to the Work, except such rights they have to proceeds of such insurance held by the Owner as fiduciary. Myers Construction Corp., 3d 500 (La.

article thumbnail

Construction Law: Jan/Feb 2024

Construction Law

Guest editor Delay without reasonable excuse and criminal liability Guest Editors Chris Bryden and Bartholomew Scholefield of 4 King’s Bench Walk warn that post Grenfell Improvement Notices to replace cladding should not be ignored, otherwise financial and criminal consequences may follow.

article thumbnail

Tropical Storm Lee – Prepare for Insurance Claims

Construction Law Monitor

Contractors who have equipment, property and unfinished work need to report any flood, wind or wind driven rain damage to your general liability insurer in a timely fashion so that you may collect reimbursement for damages sustained from this storm. The policy is the set of rules by which you and the insurer operate when making claims.