Greetings!
"Rained out." It's something we hear all the time with ball games. Usually they haul out the turf protectors and wait it out, but if there's lightning or wind associated with the storm, or no end in sight according to the forecast, the game is postponed. Not all that uncommon.
But never with NASCAR. Until now. For the first time in its 54-year history, the Daytona 500 was postponed Sunday due to weather. In spite of the 10 jet dryers aimed at the track, the rain refused to let up and the contest had to be rescheduled for Monday, at noon - much to the dismay of race fans who had to work. But then lunchtime came and went and the Super Bowl of racing was moved yet again... to 7pm - much to the delight of the afore mentioned race fans.
And to the delight of NASCAR, I would imagine. Big lights. Prime time audience. An unexpected delay that could have reduced ratings, had now pushed the Great American Race into prime time under the big lights. A combination of factors - a lit track at night, moisture from rain and cooler evening temps, and uncertainty about start time, just to name a few - has lent even more enthusiasm to the growing anticipation surrounding the race. People who aren't even NASCAR fans are talking about it (case in point, me).
The unexpected is just part of life. Try as you may, things are bound to happen that you have no control over, but that doesn't mean you can't be prepared. Our job here at Mason & Mason is to plan for those contingencies... to think about the "what ifs" of your business and build an insurance program that will respond to them. Think of us as your risk management pit crew. We work hard behind the scenes to see that you have everything you need not just to stay on track, but to make it into Victory Lane.
Love this quote from Roger Staubach: "I have a lot to learn about NASCAR. But I've learned if you have the right people in the right places doing the right things, you can be successful at whatever you do."
Gentlemen (and ladies), start your engines!
Tom Messier, Vice President
Mason & Mason Insurance Agency
M&M Assurance Group, Inc.
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5-Step Construction Quality Assurance 
Planning Construction projects such as roads, industrial structures, stadiums, bridges, homes and various commercial buildings brings the need for a quality assurance process. Since even a tiny defect or flaw in any of these construction projects can have dangerous effects, it is imperative to develop a plan before construction begins. It is also necessary to monitor the quality assurance plan's effectiveness throughout the span of the project. The cost of implementing a good quality assurance program is small in comparison with the possible large amount of money required to deal with the effects of lapses, defects and flaws. To better understand what a quality assurance plan in construction should include, consider the following steps.
1. Define Requirements. This should always be the first step. To accomplish this task, determine what the needs of the customer are. Listen carefully to the customer, and rephrase ideas to ensure their needs are fully understood. The structural designs of the project should be determined by the customer's specific needs. In the design phase, it is also important to decide on types of material to use. Define the standards for the structure's construction to determine what components must be included in the quality assurance process. It is also important to consider surrounding factors. For example, the soil and construction site must undergo several tests to check climatic conditions. All parties involved must be certain to comply with any environmental protection laws. By considering these laws during this first phase, it is easier to incorporate them into the decision of materials and design planning. Keep in mind that...
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Design-Build Insurance Issues 
Managing design-build risk for any entity is something that requires careful consideration. There are many differences between design-bid-build projects and design-build projects. One of the most prominent differences is insurance coverage. In both types of projects, all parties share goals and have individual concerns. Since contractual relationships in these two types of projects vary, so do the methods of balancing risks.
Understanding Liability Concerns. If a problem arises when the owner has separate contracts with the designer and constructor, it is easier to distinguish whether the problem is a design flaw or a construction mistake. However, the law has a statute of limitations for design errors and building functionality. Both types of issues can result in messy and complicated lawsuits as time passes. For example, if a building experiences air quality problems two years after its construction, the cause of the problem could be shared by two or more parties involved in its design, construction and maintenance. When these issues turn into insurance claims, the parties involved often realize that their coverage is inadequate. Since insurance for these projects has changed in the past decade, the need for evaluation is crucial. Discuss the new changes, insurance requirements and helpful suggestions with an agent.
How to Solve Insurance Deficiencies. For those who are relying on General Liability coverage, it is essential to have modifications made to the policy. For example...
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Best Practices & Surety Requirements
Construction firms must have a financial plan in order to keep up with competition, capture surety support and grow through partnership. In today's market, it is crucial to perfect this strategy as quickly as possible. This is especially true because of the large number of requests for proposals designed to benefit small businesses. However, these RFPs come with risks. Steep liquidated damages and consequential damages leave small businesses with no choice other than blending with larger businesses to maximize surety support.
To guarantee the bonding they need, construction firms must adopt several best practices. The following are some examples of essential best practices:
- Establishing a continuity plan that is funded by Life insurance.
- Keeping a certified public accountant who is construction oriented.
- Using job-cost accounting software to track data for financial statements.
- Maintaining ample insurance coverage.
By using these practices, construction firms can increase their surety support and company respect. In addition to the surety, this idea also applies to any team partner.
Importance of a Construction-Oriented CPA. These certified public accountants are able to provide valuable insight into a field that has an extremely difficult pre-qualification process for surety bonding. In addition to their insight, CPAs can assist in a financial statement's required accrual-based percentage. They also know who the key players are, and they always provide helpful information about the negative effects of profit fade for contractors. Since profit fade is a detriment to sureties...
MORE...
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About Mason and Mason
For more than 20 years we've been committed to meeting the insurance and bonding needs of the construction industry. The success and leadership of our practice has led to strategic and proprietary relationships with insurance companies similarly committed to the industry. Our clients benefit from our insurer relationships in the form of products designed with their special needs in mind. Our access to many construction specialty insurers also assures our clients are afforded a range of options at various cost levels in order to match the level of protection for their particular needs. As important as these insurer relationships are, our true competitive edge is the people who serve our clients. We have team of construction insurance professionals who understand the complexities of the worker's compensation and general liability insurance regulatory environment as applied to the industry. We leverage this specialized knowledge and our broad risk management expertise to the benefit of our construction industry clients.
Mason and Mason Insurance
458 South Avenue
Whitman, Massachusetts 02382
T (800) 759-1452
F (781) 447-2832 |
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Risky Business - the Blog
Recent Posts:
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 | | Who knew insurance could be social? |
WE DID!
Here's a sampling of what you'll get when you like us on facebook:
*Cool tools & articles
*Trivia Tuesdays (place your bets!)
*Photos from our "Whoops!" File (you won't believe this stuff!) Please look us up and, if you like what you see, share our page with your friends!
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Client Spotlight
Here at Mason & Mason, we're honored that we serve some of the best people in the construction industry. But don't take our word for it... check out our Client Spotlight! It features a different client each month. You'll get to know others in the industry who have the same commitment to excellence you do, and who knows? You might just find a perfect partner!
MJ Enterprise, Inc. is an employee managed landscape construction and property maintenance company servicing landscape architects, designers, custom home builders, remodelers, property managers and homeowners throughout eastern Massachusetts.
They provide custom landscape construction services for residential, commercial and institutional clients, and facilitate lasting relationships with their clients by offering custom property maintenance programs and snow plowing services post construction.
A quick glance at their website reveals a creativity that is able to blend many different mediums into a beautifully artistic landscape. From construction to maintenance, MJ Enterprise provides quality service -- from the ground up.
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If you've heard about payroll deducted workers comp and have questions, give us a call! We can fill you in on the advantages (and disadvantages) of this program and see if it's right for you. That's what we're here for! :) |
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