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Best Practices for an Effective Construction Risk Management Program

AssuredPartners

The construction industry continues to face material price increases, supply chain interruptions and delays, and labor shortages that affect scheduling and profitability and cause job-site delays – all of which are described as the “new” norm.

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What are employees supposed to do with their excess pretax deductions?

Business Management Daily

The cafeteria plan rules are pretty strict and operate on the principle of constructive receipt—if you can exercise control over the receipt funds, they are taxable to you, regardless of whether you actually ever get the cash in hand. Roughly speaking, constructive receipt is why employees can’t get cash refunds of their pretax contributions.

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Best Practices for Risk Management

AssuredPartners

The construction industry is facing a number of “external” challenges ranging from materials price inflation, supply chain delays, and labor shortages which translates into scheduling, productivity, and profitability issues. 0050% to 1.5% (acceptable range) and maintain a competitive advantage.

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What is factoring and how does it work in the trucking industry?

WEX Inc.

Settlement: After the customer pays the invoice in full, the factor deducts its fees, including the discount or factoring fee, and any other applicable charges. Construction: 3.0% – 6.0% These fees can vary between each factoring service. The remaining balance is then remitted to the business. Healthcare: 2.5% – 4.5%

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Building a Secure Future with Health Savings Accounts 

Benefit Resource Inc.

HSAs present a special chance to successfully address healthcare needs while constructing a solid financial future. HSAs offer triple tax benefits: contributions are tax-deductible, funds grow tax-free, and withdrawals for qualified medical expenses are tax-free.

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Delays, Higher Insurance Costs Burden Owners, Contractors

InterWest Insurance Services

Increasing construction project delays are combining with a hardening market for builder’s risk and liability insurance to create headaches for project owners and contractors. Some insurers have responded by reducing their appetites for insuring construction projects, while others have pulled out of the construction market entirely.

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What is a Controlled Insurance Program (CIP)?

AssuredPartners

A traditional OCIP or CCIP starts to make sense from a cost standpoint when the construction project exceeds $100M. However, in certain states with construction defect issues, residential projects have been set up on OCIP’s starting at $10M based on general liability and excess liability market conditions.