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Covering Complex Construction Risks Under An OCIP

October 12, 2012
Claramargaret H. Groover
Insurance

Risk management practices are older than the building of Babylon (Hammurabi Code 1780 B.C.). However, the comprehensive risk management program which protects the Owner’s budget, known as an Owner-Controlled Insurance Program (OCIP), has only been available in the market place for about 20 years. “Wrap-ups”, as they are also called, were originally thought to be available only for projects in excess of $100M. Now, smaller projects of $30M or more are good candidates for OCIP benefits in today’s marketplace mainly due to the economy driving down pricing.  An OCIP’s hallmarks are its cost-effective, broad coverage for every enrolled Contractor, subcontractor, and some vendors (typically those who perform work on the job site); its safety record and reduced lost time due to injury; its reduced litigation between insured Contractors; and its responsible and financially reliable insurers which stand behind the coverage for the years before, during, and after the project is...

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The “Infallible” Surety, Is Not Immune From The Impact Of A Bad Economy

September 25, 2012
Ryan Carpenter
Bonds

When negotiating for payment and performance bonds, you should realize that even if you obtain the added protection, you are not 100% safe. Even though they might not be as likely as other construction entities to go out of business, sureties also go out of business. Furthermore, when they do, it can be as difficult to recover from a surety's estate as it is to recover from any other bankrupt construction entity....

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Build the U.S. Wants to Help get America Back to Work

September 24, 2012
Claramargaret H. Groover
Contracts

 Recent cooperative efforts to get the economy rolling through individual purchasing power include the Build the U. S. movement. Build the U. S. is a grassroots organization made up of manufacturers, contractors, architects, interior designers, and home buyers committed to buying and selling materials made in the USA for use in construction projects - public and private, commercial and residential. Born primarily from the desire to contribute in large ways and small to getting America back to work, Build the U.S. also brings American-made building materials back into vogue after the hard lessons learned by homeowners, homebuilders, product distributors, and manufacturers from the Chinese drywall debacle and other such consumer-products fiascos.This movement appeals to individuals who want to focus their consumer spending in a way that also helps others. Since consumer spending makes up seventy percent (70%) of our economy and since the purchase of American-made products promotes the...

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Protect Awards By Intervention in Bid Protests

September 4, 2012
William J. Cea
Procurement

As competition for public contract awards continues to intensify, consider intervention in the event that an award to your firm is protested. If an administrative protest is filed, the particular agency rules and regulations may provide for intervention. In the context of a bid protest, intervention means having the chance to directly participate in the defense of a protest and participate in the proceedings. Florida case law has held that an awardee has a significant interest in the outcome of an award challenge, and therefore, standing to participate in proceedings. By intervening, you will have the opportunity to directly influence the outcome of a protest, and may in the process, be of significant assistance to the public agency in defense of the award. Don't sit on the sidelines while other parties dispute whether your firm should receive the contract award. Bear in mind, however, that there may be strict time limitations on...

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Tropical Storm Isaac – Update

August 25, 2012
Sanjay Kurian
Disaster Preparation and Recovery, Insurance

Isaac is slowly moving and appears to be taking a more westward trajectory.  Per the National Hurricane Center: A Hurricane Warning is in effect for: The Florida Keys including the Dry Tortugas, The West Coast of Florida from Bonita Beach southward and Florida Bay. This means that hurricane conditions are expected in these areas and the tropical storm force winds can be expected in 36 hours. A Hurricane Watch is in effect for the Florida East Coast from Golden Beach southward. This means that hurricane conditions are possible (as opposed to expected) within the next 24-36 hours. A Tropical Storm Warning is in effect for: Inland Collier County, the Florida East Coast from Jupiter Inlet southward and Lake Okeechobee. This means that tropical storm conditions are expected in these areas within 36 hours. A tropical storm watch is in effect for the Florida East Coast north of Jupiter Inlet to Sebastian Inlet. This means that tropical storm conditions...

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