Product Update

Job Costing Insurance Costs Discussion Updated in Construction Risk Management

This release of Construction Risk Management updates the job costing insurance costs discussion.

Proper estimation of project costs is the cornerstone of successful construction operations. The ability to adequately and consistently estimate the components of labor, materials, and other job-related costs at an acceptable profit margin helps to ensure the continued work, growth, and perpetuation of the contracting firm. Insurance costs must likewise be considered as part of the job cost. Job costing insurance premiums (and associated retentions) is a multiphase, complex project that requires an understanding of how insurance premiums for different lines of coverage are derived and how they apply to the contractor's operations.

This updated discussion addresses how to properly calculate project insurance costs for a variety of insurance coverages (e.g., workers compensation, general liability, and umbrella liability) as well as retained risk such as deductibles. Unique considerations associated with loss-sensitive insurance plans and contractually required coverages are also examined.

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