Kirsch CPA Group’s Post

What would be considered non-insured work? 🤔 ➡ Any construction project unrelated to your loss is considered non-insured work. At your request, ServiceMaster Restore of Niagara will provide a separate estimate for non-insured construction projects, and this work will require separate authorization and payment terms. If the non-insured work will delay the completion of an insured portion, then the situation must first be discussed with your Insurance Adjustor and your ServiceMaster Restore of Niagara Project Manager. 👍 Visit https://cutt.ly/ZwjuCdVG for more information! . . . #Restoration #NonInsuredWork #Insurance #InsuranceClaims #InsuranceProfessionals #InsuranceAdjustors #PropertyRestoration #DisasterRestoration #ServiceMasterRestore #ServiceMasterRestoreOfNiagara

North East building contractor Surgo Construction went into administration in March owing £4.48m. Hundreds of subcontractors and suppliers were left holding unpaid invoices worth more than £1.2m with little chance of unsecured creditors receiving anything for their submitted bills. Trade Credit Insurance could be the key for your business to trading on credit terms with the confidence of being protected against losses due to non-payment. Trade Credit Insurance covers your business against the risk of non-payment by your customers due to insolvency, protracted default, or, where applicable, certain political events. Plus, as a policy holder, you'll have access to credit risk information to make informed decisions about extending credit, protecting your business and trading with confidence. Here are some key benefits of Trade Credit Insurance: 👉 Protection against bad debt losses: Whether it is driven by insolvency or political risks, credit insurance indemnifies the policyholder for the loss. 👉 Enhanced cash flow management: Insurance coverage ensures timely payments, even when customers default, allowing you to maintain positive cash flow. 👉 Credit risk analysis: Insurers often provide credit assessments of your customers, helping you make informed decisions when extending credit. 👉 Global trade support: If your business exports goods or services, trade credit insurance can safeguard against non-payment risks in foreign markets. 👉 Growth opportunities: The confidence provided by insurance can enable you to take calculated risks and explore new business and revenue possibilities. 📧stephen.ronald@allianz-trade.com 📞 07876391744 🌐https://lnkd.in/e4V_ujfp

📈 Keltbray reports record financial performance 📈 Keltbray saw a 120 per cent increase in its secured order book value, to £1.1 billion at the year end in 2023. By Rory Butler #construction #financialreport #keltbray #turnover #profit

Construction Bond Bombshell: What’s the Deal? Hold onto your hard hats! QBE Europe, a giant in the insurance world, is stepping away from construction bonds for big contractors. This shake-up will leave many major builders scrambling for cover. Here’s the kicker: QBE’s move could put many big projects on hold. Contractors are already struggling to secure bonds, which are vital for ensuring they can complete projects even if they hit financial trouble. With QBE pulling out, the scramble for bond cover just got a whole lot harder. QBE will still support smaller firms, but for the big players, it’s a different story. This news might cause some serious delays in the construction world. So, why did QBE bail out? They’ve been losing money on these bonds for years. I fully understand this is a reaction to the market, but what does the future hold ... or what do you think they know (that we don't yet)? Construction Enquirer https://lnkd.in/eaB3uQe7

More than 4,300 construction companies went out of business in between November 2022 and October 2023. The Covid pandemic, combined with weaker consumer confidence, inflation and interest rates, has enhanced the pressure on all UK businesses, with the construction industry being no exception. Here, Managing Director Martin Vella discusses the importance of sensible and structured financial management... Read the full article here: https://ow.ly/IIln50R1sgs #LoveConstruction #FinancialStability

🚨 At BUILT Property Restoration & Construction Group, we understand that every minute counts when it comes to Commercial Property Losses. 🚨 In the unfortunate event of a Commercial Property Loss, business downtime can be devastating—affecting revenue, customer trust, and overall operations. That’s why our Complex/Commercial Division is committed to providing fast, efficient, and high-quality restoration services designed to get your business back up and running as quickly as possible. Our goal is simple: minimize disruption and reduce business interruption exposure. From fire and water damage to complex structural repairs, we tailor our approach to your specific needs, ensuring that you can continue generating revenue while we work behind the scenes to restore your property to its full potential. With a focus on speed and quality, we collaborate closely with business owners, insurance providers, and Insured to create a seamless process that prioritizes operational continuity. Your business remains our top priority—because we know that when you succeed, we all succeed. Let's keep you open for business—no matter the circumstances. 💼🔨 #BusinessContinuity #PropertyRestoration #BuiltPropertyRestoration #BusinessInterruption #RestorationServices #Construction #ComplexRestoration #CommercialRestoration #BusinessRecovery

Have rejected payment claims hurt your cashflow? Here are 4 ways to reduce the risk of a payment claim being rejected… 1. Claim on time If the submission date falls on a public holiday, check the fine print for whether it should be issued the working day before, or after this. 2. Provide up to date and compliant #insurances Payments can be placed on hold for expired or non-compliant insurances. Beware this common mistake… If you’re contracted to provide insurance with a Principal as named insured - your payment may be held if the certificate only shows them as an interested party. This mistake happens all too often and it’s vital that you check the details carefully. 3. Check your #contract for supporting documents that you need to send These will typically include - subcontractors statement - insurance certificates - proof of superannuation payments And could also include: - statutory declarations - design certificates - QA docs & - Warranties Failure to issue can mean you’ll be waiting for your money. 4. Check that a held claim has been taken off hold This is important when you’ve provided requested documents after a payment has been placed on hold. If you respond and send the documents make sure you get a confirmation that the payment is off hold. Otherwise, if you just assume it’s all good you may get caught out. And caught short of cash. And no one wants that. If you need help to get paid in full get in touch… I support construction businesses with finding work, submitting tenders, reviewing contracts & submitting payment claims. As well as a wide range of other commercial issues. PS: For a limited number of clients I act as Commercial Manager on a project by project basis. On their behalf I submit; - progress claims - variations, and, - contract notices This maximises their chances of getting paid in full every time. If you want your claims to run like clockwork send me a message with the words “Commercial Manager” Or ask me about the Kingsbridge “On Time Every Time” Guarantee and I’ll tell you how it works #cashflow #boringbutnecessary #builders #subcontractors

Don't beat yourself up. None of that stuff is anywhere near the truth just because you are a construction contractor! This stereotype that contractors are terrible with money or at business—it's just not fair, man. You've heard it all before and so have I. The Bank gets to hang their sign facing the street out front of the project that says, “Proudly financed by ABC Bank” but here's what those signs in front of projects should REALLY say: 'Proudly financed by you, the site guy, concrete guy, the electrician, the plumber, and all the other subcontractors.' This makes people laugh when I put it that way, but it's a very serious matter to me. Here's the crucial point: The cash flow cycle in construction is fundamentally tough and unique – like no other industry, period! In fact, if the same cash flow cycle and expectations were implemented into other industries, they all would likely fail. Yet, construction does not fail, but gets criticized for being able to manage the environment and still succeed. The truth is the issues you face aren't because of some inherent flaw in your character or business acumen. If someone in the industry buys a boat after getting a big paycheck, spends all their profit or worse, spends money they don’t have then YES, that is a poor business decision and they're that guy. Those guys exist in every industry, not just construction. The gross majority of the cash flow issues in construction are purely a function of the rules that everyone signs up for and moreover the lack of discussion in advance as to how those rules will create a problem. Why does construction get the brunt of all the jokes? Because the #cashflow cycle of the construction industry is SO tough that when you make one mistake (pull too much cash out of the business, use it for something you should not have, or just have a job that does not go well and you lose money) the pain it causes is significantly greater and is harder to quickly recover from than other industries if the same mistake was made. We can complain about it and say it isn’t fair, but the harsh reality is that’s the TRUTH, the industry you chose, and now that you are AWARE of it you just need to play the game a little differently and use the information in a positive way. Here is the good news, these hardships have actually made you more resilient and skilled. If you applied the same financial logistics to any other industry, I guarantee you, you'd see a greater number of businesses struggling or failing, at least the same. So now that you know you have more skills and resilience than you think, put it to good use and get the organizational help you need to better organize and plan for how you will make sure to manage the cash in advance to ensure a successful outcome. It's a universal challenge magnified by the nature of the #constructionindustry. What are some other crazy, not even close-to-reality stereotypes you've heard? Let's bust every construction myth there is!

What is an Absentee Freeholder?  Absentee Freeholder refers to a situation where the freeholder of a property, typically responsible for managing and maintaining the building, cannot be contacted or is unresponsive. This is a common issue in the UK, especially with older leasehold properties.  Purpose:   Allows leaseholders to address the challenges of managing their property in the absence of the freeholder. It often involves resolving maintenance, insurance, or legal compliance issues.  Benefits:   Resolving absentee freeholder issues ensures proper management of the property, maintaining its value and compliance. It can also increase marketability and give leaseholders more control.  Considerations:   Leaseholders can use legal options like the Right to Manage, collective enfranchisement (purchasing the freehold), or applying to the tribunal to appoint a property manager. Each option requires careful planning and understanding of the legal processes.  Example:   Leaseholders in a block of flats find their freeholder uncontactable and the building uninsured. They use the Right to Manage process, taking control of the property’s insurance and maintenance to ensure its long-term stability.  Conclusion:   Addressing an absentee freeholder is essential for maintaining property value and ensuring compliance. Legal tools like the Right to Manage empower leaseholders to take control when the freeholder is absent.  #proppytics #development #dealsourcing #propertyflip #renovation #refurb #finance #realestate #ukproperty #buytolet #planning #bridgingloan #construction #budget #yield #propertyinvestment #valuation #RealEstate #PropertyDevelopment #AbsenteeFreeholder #UKProperty 

Restoration overhead-and-profit charges are valid, yet often denied by insurers. Learn how to justify and negotiate these charges effectively so you can maximize your earnings. https://hubs.la/Q02L0yqb0 #magicplan #floorplan #floorplanapp #restoration