Insurance
Tips on Managing Risk in Construction Projects
The due diligence performed during construction claim analysis is the same kind that should be performed before the project starts. Performing these basic checks will help avoid risk altogether. Even though some risk is unavoidable, accidents do happen after all, you can safely manage most risky situations with the proper checks and balances in place.
Perform Risk Assessment
Hire neutral construction advisory services to review everything, from plans to scheduling, and look for consistency. Construction projects will involve multiple contracts between many companies, and specific mentions of both payment and timing will be important in the event of a dispute. Careful contract preparation is a crucial part of the pre-planning phase and ensures everyone knows the work they are required to do to get paid.
Document Everything
Another key concern, especially in smaller outfits, is documentation. Documentation saves one’s legal life so-to-speak. It may be a good idea to acquire insurance to cover parts of the project as well. It’s also helpful to have an independent party review any existing contracts for outdated language. It’s common for companies to use forms that are sometimes years old without having updated any of the legal language until a dispute occurs. Even if the law is on your side, make sure the work contract reflects that.
Allocate Risk Appropriately
Upon review of the project, just before ground can be broken, it’s helpful to designate certain parties and responsibilities to help allocate risk. The designer, for example, should only be responsible for design-related projects. This helps put power in the hands of those best positioned to use it for the benefit of the project.
Bio: Lyle Charles Consulting helps construction firms manage risk through claims analysis and mediation. For more information on construction project management, search for Lyle Charles.
How to Fight a Dispute Over Materials
If you know anything about construction, it’s that problems arise.
Imagine you are working on a skyscraper project and you are the structural steel expert.
A shipment of steel was supposed to arrive from Pittsburgh. Emphasis on “supposed to arrive,” because it didn’t. Turns out, the order didn’t go through, and this is the fault of the steel supplier. They are denying any fault.
Time is running out and you are facing deadlines regarding the original project. What is the best action to take?
If you attempt construction claim preparation on your own, are you prepared to sink the man hours needed to complete the claim adequately? Or maybe it’s better to wait for the next shipment of steel to arrive?
The best answer for the structural steel expert in distress is this: resolve the problem! Everything else is details, and it’s management’s goal to help resolve the problem and put everyone back to work.
Now, preparing a claim might be necessary, and it might be the best step. If anything a claim is a solid way to document that something happened that was not the structural steel expert’s fault. So, claim preparation might be a wise step. But if all this distracts you as a builder from the process of completing your other projects on time, you must also be wary of the penalties of going past a deadline.
If fines are more expensive than a lawsuit, go with the lawsuit. If the lawsuit is more expensive than taking some late fees, take some more time to work with the company that made the mistake.
Bio: Lyle Charles Consulting specializes in commercial and residential construction, and Lyle Charles is a structure steel expert and certified expert witness.
Factors influencing your home insurance premium
Many factors might influence the cost of your home insurance premium. Some of them might be beyond your control and as such you may not be able to change them while others can be modified and adjusted so that you may obtain a lower rate.
Age and Construction type
Older houses present a higher risk of plumbing, electrical and HVAC issues and might therefore be subject to a higher premium than newer homes.
Location risks
If your locality is often victim to natural disasters or high crime rates, there might be increases in the policy.
Claims History
If you have filed several claims in a small span of time, your premium is likely to be higher.
Domestic Risk Factors
If your home is deemed to contain high risk features such as a swimming pool, a trampoline or aggressive pets, then your premium might be higher.
Your Credit Score
Your credit score is used to determine the price of your policy. The price will vary depending on whether the score is good, average or bad.
The Level of Deductible
The price of your coverage will depend on the amount of deductible that you choose to pay. Choosing a high amount of deductible means that you would have to take out more funds from your saving in the event that an incident happens. As a compensation for this, you would have a lower premium. It is however recommended to opt for a deductible that can be comfortably met as your insurance will not take over until the deductible amount is spent.
Great Personal Dental Insurance Plans
People choose personal dental insurance as they find that it really helps with the cost of dental treatment. If something unexpected goes wrong with your teeth, you could be expecting a very large dental bill if you don’t have insurance to help you cover the costs. From basic plans to fully comprehensive plans, you can choose whatever you need to suit your budget and your requirements. Many people assume that nothing serious will ever happen to their teeth, but it’s best to be on the safe side and make sure you’re covered if anything does ever go wrong.
If you have health insurance, you will probably find that you are not covered for dental problems that may occur. An individual dental insurance plan is very useful to have alongside your regular health insurance, and if you have problems with your teeth often, it is a type of insurance that is worth considering. Students often choose to take out dental insurance plans, as high dental bills are not very welcome when you have to stick to a tight budget.
Residents of California can easily access many different dental insurance companies. If you’re looking for dental insurance California, you can browse thousands of quotes and insurance companies that are all competing to give you the best possible price for your premium. There are comparison websites that you can go on to find the prices and details of all the different dental plans in your area, making it even easier than ever to choose the ideal insurance for you.