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The article discusses the ABA Forum on Construction Law and its role as a thought leader in the construction industry. The Forum produces publications, such as books and newsletters, that provide practical advice on legal issues in construction. They also organize meetings and webinars to raise awareness and understanding of construction topics. The article highlights upcoming programs and events, including a meeting in New Orleans focused on construction litigation. The Forum aims to create a network of construction law professionals and invites readers to join and contribute to shaping the future of the industry. [Extracted from the article]

The construction insurance market has faced challenges such as COVID-19, project interruptions, and rising material costs in recent years. Carriers are adapting to emerging risks and paying out large losses, with some areas of the industry remaining competitive. Rates for automobile liability are expected to increase, while other casualty lines may stay competitive. Contractors are advised to start their renewal process early, provide detailed information to underwriters, and focus on strong safety programs to be favored by the underwriting community. The Builder's Risk market has been inconsistent, with project-specific rates expected to increase. Underwriters are becoming more selective, especially for stand-alone projects with specific exposures. Construction Professional Liability lines remain competitive, with rates dependent on loss history and the nature of the contractor's work. [Extracted from the article]

The cyber insurance market has stabilized in 2024 after experiencing a period of instability three years ago. Many underwriters were hesitant to offer renewal terms without significant rate and retention increases due to reported losses. However, rates have turned around since the second quarter of 2022 and remain stable as businesses strengthen their cybersecurity measures. While some industries benefit from more lenient underwriting standards, it is crucial for businesses to maintain robust cyber controls and vendor risk management to prevent, detect, respond to, and recover from cyber attacks. The threat of data exfiltration and its potential impacts on business interruption, reputation, and finances are very real. [Extracted from the article]

The article discusses the considerations contractors should keep in mind when determining insurance coverage limits, addressing factors such as net worth, contractual obligations, project size, type of projects, delivery methods, project location, vehicle considerations, subcontract work, historical losses, and overall affordability in the current market landscape.

The article offers information on the challenges faced by the contractors to find excess liability capacity at reasonable rates, along with mentions that how interest rate and capacity deployment will challenge the construction industry.

The article discusses the topic of underwriting submission in the construction insurance industry. Also cited are the four major sections of said submission including historical loss data, program design, and contractual risk and management, the importance of the best practices used by contractors to mitigate future claims, and other topics like historical loss data and analytics.

The article offers suggestions for contractors on managing the construction insurance renewal process, including starting the process early, considering alternatives and being responsible for loss history.

The article highlights a report which shows that in 2021, ransomware attacks increased well over 100 percent, with extortion claims rising to unexpected levels.

In the article, the author discusses the challenges and changes in the construction insurance market in 2022 amidst the COVID-19 pandemic, particularly the rate adjustments made by insurance carriers in areas like the Builder's Risk market.

The article discusses the legal and insurance markets have bonded for engineers and contractors comes to company operations and management and insurance companies have seen losses in auto liability lines, leading to rising rates.

The article focuses on several aspects of selling risks to underwriters. It mentions need for evaluating alternative liability risk financing options such as captives, large deductibles or self-insured retention (SIR) on liability lines. It also mentions that relationships in the insurance and risk management sector will ultimately have long-term value in a hardening market with better pricing.

The article talks about the increase in automobile insurance rates, the losses faced by insurance companies in auto liability lines, increased litigation, costs of repairing and insurers looking motor vehicle records and making buying layers of coverage.

The article reports that distracted driving, increased litigation, the spiraling cost of automobiles and the size of jury awards has forced the underwriting community into a complete relook at deductible levels, limits available and rates of the commercial auto market.

The article offers information on the features of the inherent defects insurance (IDI) including the property owner beneficiary, available limits and technical services.

The author discusses the three important elements of the contractor-controlled insurance program (CCIP) in the construction industry in the U.S.

The author offers tips on managing construction subcontractor contract documents according to work venues. Topics discussed include the importance of having appropriate indemnity clauses customized to state requirements in subcontractor documents, the need to understand the limitations according to location and purchase orders in lieu of subcontractor agreements.

The article focuses on challenges of allocating risk on construction projects in analyzing risk profiles of contractors and mentions that standard subcontract should contain types of coverage including liability program of subcontractor which will be considered primary in event of loss.

The article presents the author's opinion on why contractors should strengthen relationship with insurance underwriters. It is stated that recent natural disasters and the increase in wood-frame construction fires have compelled contractors to think about insurance rates and project risk. It is opined that contractors must carefully evaluate terms and conditions.

The article reports on the need for the construction companies to have cyber insurance to avoid risks involved due to cyer-related business interruptions.

The author discusses the need to remove insurance policy coverage bottleneck by insurance companies which stems from contractors' request of certified copies of insurance policies to confirm downstream procurement of coverage.

The article focuses on principles involvement such as innovation, knowledge and information in insurance programs for contractors and various suggestions regarding risk management by contractors such as provision of accurate underwriting information along with fleet management program maintenance.