In construction, one of the costliest risks builders face stems from failing to put written contracts in place. If a dispute arises, having no contract could cost you hundreds of thousands of dollars.
When most construction business owners think about risk, they think about contract disputes, weather events, defective workmanship, staff injuries, or material price escalation. What they often don’t think about is cyber crime. In August 2021, the email account of a...
One of the most common (and complicated) issues we see from builders isn’t good old fashioned accidental damage. It’s far more costly over time, in reputation, time and money: defective workmanship allegations and the inevitable question of who pays to put it right.
It's easy to forget things when you're thinking about Christmas and the holidays, as well as rushing to finish off projects for demanding customers. Here are ten things you should remember: 1. Secure your sites before you go (and take your tools with you) They're...
The increasing cost of weather-related insurance claims in New Zealand is clear evidence of destructive winds and storms becoming more common.
In addition to insuring risk NZI also invest in tools and services to help their customers reduce the incidence of claims. Here are some free services and discounts that may be relevant to you.
The construction industry in New Zealand is under stress, with a 37% rise in insolvencies year on year. What steps can contractors take to mitigate the risk of the company they’re working for going bust?
The doctrine of temporary disconformity allows builders to carry out work that does not fully conform to the contract or Building Code during the course of construction, provided it will comply by completion.
This article features the outcome of recent health & safety prosecutions in the construction sector. It also highlights the emerging issue of psychosocial hazards.
Here are 5 checklists to help builders and construction contractors manage their most critical business risk, including insurance where applicable.
Customers not paying came in as the number one risk in Builtin’s 2024 nationwide survey builders. This is a significant contributor to another risk in the top 10 – cashflow issues leading to financial strain on the business and the people who rely on it. Here are some suggestions that, if properly implemented, will significantly reduce the likelihood and/or cost of a customer defaulting on their debt.
This 5 minute read headlines the top 5 ways to reduce the risk of defects and explains how the three types of defective workmanship insurance work.
