Managing Construction Insurance Costs in Today's Environment

It is apparent that lean and fit organi­zations represent a platform for long-term survival. With the challenges of the current economic times, contractors are leaving no stones unturned.

They have recognized the importance of imagination, vision and competitive information to survive and succeed in an uncertain world. In this respect, risk management has emerged as an important source of creativity and vision that is enhancing the competitive edge and, in some cases, the survival rate of many contrac­tors. Managing risk has been transformed from a once-a-year insurance bidding frenzy to a serious management initiative that has the ability to boost returns, create equity, reduce costs and permanently change the way con­struction firms are managed.

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