SBA Bond Guarantee Program – A Great Tool in Increasing Bonding Capacity

Denise GillinBonds, Construction, News

By Nick Newton for AssuredPartners Anyone working in the construction bond industry has seen the scenario where a client or prospect is requesting bonding capacity larger than the standard surety market is willing to provide. While some sureties will utilize tools like escrow or collateral, the SBA Bond Guarantee Program offers an alternative solution, enabling greatly increased capacity for your client. The SBA guarantees 80% of the bond obligation to the surety; 90% for firms that are minority-owned, veteran-owned, and service-disabled veteran-owned, 8(a) and HUBZone certified, and all contracts $100,000 or less. This reduced exposure makes it more palatable for the 42 sureties that participate in the program to offer increased bonding capacity. Click for the program highlights>>>

Oklahoma Producers Explore New Approach to Farming, Ranching

Denise GillinAgribusiness, News, Risk Management

By Evan Onstot for Koco.com We grow things here in Oklahoma. Our state’s farming and ranching heritage is as strong here as anywhere. But are most of the state’s producers doing it wrong? Some producers swear there’s a better way: regenerative farming. All producers want to grow better crops and raise healthier animals. And they want to make more money. All of these things are happening for a small group of Oklahoma ranchers who’ve basically thrown out the plow – and decades of tradition. At the entrance to his sprawling Western Oklahoma ranch, not far from the Texas border, Jimmy Emmons has posted his favorite saying: Long Live the Soil. Everything that Emmons does is focused on making his soil …

AssuredPartners: 10 Years of Growth Based on Relationships

Denise GillinInsurance, News

By Jim Henderson, Chairman and CEO, AssuredPartners for Business Insurance Consolidation has been an ongoing part of insurance distribution for many years. At AssuredPartners, we’re celebrating the 10th anniversary of our founding. In that time, we have become one of the largest and fast­est-growing brokerages in the United States. But our story is more than just achieving a high level of growth. AssuredPartners is all about building lasting relationships – with our clients, our asso­ciates, our agency partners, and the insurance companies with which we do business to solve our clients’ risk management needs. A lot has changed in a decade, and as we look back since our founding in 2011, we have seen some of those changes. Certainly many …

DOT: Red Flag Violations and the Worst 1%

Denise GillinInsurance, News, Risk Management

By Andy Engardio for AssuredPartners.com The DOT Auditor is on the lookout for any potential violations. They will build your carrier profile before they even arrive at your office for audit. In that profile, they will compile all public and non-public federal data available regarding your company. There are several reports that they will pull and review to build this profile. Two of the reports the DOT will review: Red Flag Violations Worst 1%ers Both reports are federal programs, which means they are non-public, and they are based on road-side inspections. Also, since they aren’t public, there is no real way to prepare for the results of these. The Red Flag Violations report highlights 16 violations that are considered to …

FMI: Construction Moves Forward, Expect 2023 Boom

Denise GillinConstruction, News

By Tom Jackson for EquipmentWorld.com While there’s no big upswing in the construction economy this year, there is at least forward progress, according to FMI’s 2021 Engineering and Construction Third Quarter Outlook report. Given a contentious election and pandemic, any progress is probably a good thing. And for transportation construction, the outlook turns especially bright after 2022. According to the report, total engineering and construction spending for the U.S. is forecast to end 2021 up 2%, compared to up 5% in 2020.   Get more details here>>>

Seven Critical Risks Facing the Agriculture Industry

Denise GillinAgribusiness, Insurance, News, Risk Management

By Autumn Demberger for RiskAndInsurance.com Everyone needs to eat — it’s right there at level one on Maslow’s Hierarchy of Needs, after all. But how often do we take the time to think about where our food comes from? What needs to happen to bring us together around the table each night to share our stories and connect with our loved ones? Those in the agriculture sector know a thing or two about the process behind stocking the grocery store shelves. There’s sowing and weeding and watering and raising livestock, for one thing. And then there’s managing the risks. Click here to find out more about the key critical risks facing the agriculture industry, from a hardening property insurance market …

U.S. Construction Insurance Market: Expect Higher Prices, Increased Security

Denise GillinConstruction, Insurance, News

By Sedat Kunt for ConstructionExec.com From a shortage of skilled workers to supply chain disruptions to the spiraling cost of essential materials, construction companies face substantial pressures. These risks come at the same time as insurance prices are rising and securing coverage is more challenging, threatening the profitability, and even the viability, of certain projects. Insurance pricing in the U.S. and globally, on average, has been increasing for several quarters. As insurers increase scrutiny on all applications—including extensions—companies in the construction industry are experiencing longer placement and renewal timelines and requests from underwriters for additional information. Read three actions you can take for more effective insurance renewals>>>  

Excessive Heat – Keeping Safe

Denise GillinNews, Risk Management

By Gene Schmitt, CSP, ARM, CHST, CFPS, Risk Control Specialist Excessive heat affects many workers, particularly people performing strenuous work including firefighters, foundry workers, bakery workers, and construction workers. It’s important to recognize conditions and situations where heat-related illness might occur and take appropriate prevention measures.  Employees should learn to recognize the signs and symptoms of heat-related illnesses and know how to appropriately respond. The heat wave we are experiencing brings the risk for heat cramps, heat exhaustion, and heat stroke. Heat cramps occur when the body loses significant amounts of salts. It’s important to stop strenuous activity and get to a cool, shaded place. Drink clear juice or a sports beverage, or water with food. Heat exhaustion is when …

Seven Key Trends Affecting 2021’s Hard Insurance Market

Denise GillinInsurance, News

By James C. Drinkwater for PropertyCasualty360.com Around the one-year mark since the start of the pandemic, markets began to experience the lasting effects of the challenges presented to them in 2020. While I’m hopeful that there is light at the end of the COVID-19 tunnel, we’ll likely see hardening market conditions persist throughout 2021. Some of the key trends and factors that marked the insurance industry over the past year or so include: Unpredictable natural disasters lead to a choppy property market in 2021 Lifestyle changes and emerging threats lead to dramatic shifts in cyber The ever-evolving cannabis / CBD industry means growing risks Excessive fee litigation is changing the fiduciary insurance market Opportunity in offshore wind infrastructure spurs a …

Senior Living: Cyber Liability Insurance & Why You Need It

Denise GillinNews, Risk Management

By Ashley Wilson for AssuredPartners.com Technology has become an essential element to our everyday life. While the benefits are endless, it comes with a significant risk for many employers. Cyber-attacks are becoming increasingly popular as we become more dependent on technology. Unfortunately, the long-term care industry is not immune to these attacks. Like the rest of the world, the long-term care industry relies on technology for day-to-day operations such as data management systems, electronic health records, billing, and storing personally identifiable information, also referred to as PII. The availability of this information provides cybercriminals with a desirable target that is unknowingly putting long-term care providers at risk of a cyber-attack. Click for five ways to thwart cyber criminals from impeding …