Description

• The Growing Interest in Used EVs
  • A year ago, less than 50% of potential EV buyers considered purchasing a used EV. Now, nearly 80% are open to it.
  • This shift reflects a growing demand for affordable and accessible electric vehicles.
• Market Trends and Data
  • Recurrent's research shows a major rise in used EV interest from 2021 to 2022.
  • Used EVs are gaining ground and even surpassing non-Tesla new EV sales.
  • New EVs are dominated by Tesla, while used EVs are expanding across various brands.
• Why Used EVs Are Becoming Mainstream
  • New EV shortages due to supply chain issues and chip shortages.
  • Price increases across different models—Mach-E prices reaching $70,000, Chevrolet Bolt increasing 15-20% in just six months.
  • More used EVs appearing in dealerships, leading to greater market acceptance.
• Key Considerations Before Buying a Used EV
  • Always test the battery before purchasing.
  • Ensure the model fits your needs and lifestyle.
  • As used EVs become more mainstream, understanding their value and reliability is crucial.

🔋 The shift is clear—used EVs are here to stay!

Episode Description:

The construction industry has been facing a severe workforce shortage for the past two years—but it's about to get even worse. In this episode, we discuss:

• The Growing Crisis:
  • Shortage of skilled trades, subcontractors, electricians, laborers, and framers.
  • Supporting trades like lumber mills and delivery drivers also impacted.
  • Industry experts predict the situation will intensify in the next six months.
• The Economic Impact:
  • Rising construction costs due to worker shortages.
  • Increased project budgets affecting infrastructure, warehouses, and retail spaces.
  • Higher financing costs leading to a long-term increase in consumer prices.
• Why This Problem Won’t Go Away:
  • Aging workforce—many skilled tradespeople are retiring with no replacements.
  • Decline in family trade businesses and apprenticeships.
  • Fewer young workers entering the industry despite competitive wages.
• Automation Isn’t a Solution—Yet:
  • Unlike other industries, construction requires manual labor that robots can't yet replace.
  • No influx of new workers from trade schools or high schools.
• What Contractors Can Do:
  • Focus on retaining skilled workers.
  • Strengthen relationships with subcontractors.
  • Support workforce development and recruitment efforts.

💬 Join the Conversation:
How is the worker shortage affecting your business? Are you struggling to find skilled labor or subcontractors? Share your thoughts in the comments!

Description:

• Topic: Navigating Insurance Challenges in Construction Projects Amid Supply Chain Issues and Inflation
• Overview:
  Builders and contractors are facing increased insurance costs due to supply chain disruptions and inflation. Even with contracts that include cost-plus margins, contractors are experiencing higher expenses, which impact their insurance coverage.
• Key Points:
  • Insurance Costs Soaring:
    Supply chain challenges and inflationary pressures are driving up insurance costs for contractors and developers, especially as projects face delays.
  • Policy Challenges:
    Construction projects are often insured with policies based on the contract amount. If a project exceeds the policy’s dollar limit due to rising costs or delays, contractors must secure extensions or new policies, which can result in higher premiums and stricter underwriting.
  • Policy Expiration and Extensions:
    Delays in projects may cause policies to expire before the project is completed, leading to potential issues in securing policy extensions. Some insurance companies are unwilling to extend coverage beyond certain limits.
  • Reinsurance Issues:
    Insurers struggle to obtain reinsurance, which impacts the overall pricing and availability of coverage for construction projects.
  • Risk of Being Underinsured:
    If projects increase in cost (e.g., from $2 million to $2.7 million) due to material and labor price hikes, contractors may find themselves underinsured if the original policy limit is exceeded.
  • Consequences of Exceeding Policy Limits:
    If the cost increases beyond the policy’s coverage, contractors may not be covered for defects, theft, or damage to materials. The insurance policy might become void if the project exceeds the initial insured value.
  • How to Manage:
    Contractors should check with their insurer if extending the project timeline or increasing the contract amount, and ensure any project changes (e.g., architectural modifications) are covered.
  • Additional Consideration - Workman’s Compensation:
    Workman's compensation policies may also be affected by project delays, changes, or price increases. Contractors should ensure their policy still applies with any significant project adjustments.
• Call to Action:
  Always consult with your insurer when making project adjustments or encountering delays to ensure continued coverage and avoid potential gaps in insurance.