Excerpt: Casualty insurance can be one of a contractor’s largest expense items – and, of course, a major concern for CFMs. While it is especially important for construction companies to control insurance costs because of their potential to negatively impact competitiveness when bidding on projects, it can be very difficult to do so.
Despite sound risk management programs and reductions in losses and claims, premiums often rise — seemingly indiscriminately — ebbing and flowing with insurance market cycles. However, one option for small- to medium-sized contractors to help drive down and control their insurance premiums is to join a member-owned group captive insurance company.
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