Replacement or reconstruction cost is a type of insurance that covers the cost to replace or repair a building with materials of the same or comparable quality. For the purposes of coverage—and unlike market value—replacement cost policies do not include the value of any land and is determined based on the amount needed to hire contractors and purchase materials to repair a building or construct a replacement.
On October 18, the IRS announced that the annual contribution limit in 2023 for health flexible spending accounts (health FSAs) will be increased to $3,050 — double the $100 increase from 2021 to 2022.
As inflation continues to impact the economy, many employers are trying to help employees with their finances by developing inflation-resistant benefit packages.
Stressors in the workplace can have a profound impact on mental health. The Deloitte Mental Health 2022 Report revealed that more than 80% of respondents experienced at least one adverse mental health symptom.
Burnout is a real issue for many employees today. According to the 2022 Deloitte Mental Health Report, 55% of employees reported experiencing burnout, which is not good news for employers. In addition, Mercer's 2022 Inside Employees' Minds study revealed that burnout due to a demanding workload is one of the top factors for employees considering leaving their job.
According to professional services firm Aon, the average cost of healthcare for their own employees will increase by 6.5% next year. This is a significant increase from the 3.7% uptick seen in 2022.
Environmental, social and governance (ESG) factors are often considered by socially conscious investors when evaluating companies on sustainability and social conscientiousness. While ESG metrics can be hard to measure, the risks surrounding them are increasing. As consumer, investor and shareholder action is increasingly focused on ESG, companies and their directors and officers (D&Os) must proactively address climate change, working conditions, cybersecurity and diversity. Failure to do so poses a significant D&O risk for companies and their insurers.
You already know that your General Liability policy excludes ‘intangible’ property. That is why you had to buy a cyber liability policy. That policy may not have covered all of the ‘gaps’ in coverage possible by Exclusion P – Electronic Data that is included in the General Liability coverage form.
Attractive nuisances are man-made conditions on your property, vacant site or active site after-hours that draw trespassers. If children trespass on site due to these conditions, the general contractor on the site can be held liable for any injuries they sustain.
If you are the parent of a teenager who is getting ready to climb behind the steering wheel, insuring them can be an expensive endeavor. This is because the risk of motor vehicle crashes is higher among teenage drivers than among any other age group.
