Cyber Risk is not the first [risk] you think about with construction projects but it is something that merits consideration. The attached article shows that safeguarding sensitive data exchanged between owners and construction managers is paramount. https://www.enr.com/articles/58378-cyber-thieves-phish-away-a-735k-payment-to-a-minnesota-contractor?utm_medium=emailsend&utm_source=NL-ENR-ENR+Insider&utm_content=BNPCD240328082_01&oly_enc_id=0539F7758601F0E 

At The ALS Group, we are acutely aware of the evolving threats in the digital landscape, and swatting represents a particularly malicious form of cyber-attack with real-world implications. As a risk advisory firm, our mission is to illuminate the dangers of such activities and provide strategic risk mitigation strategies to safeguard businesses and individuals alike.

When a company starts a construction or renovation project the subject of Builders’ Risk inevitably comes up. It could be when the Construction Management Agreement (CMA) is being drafted or when reviewing lender insurance requirements, but it is bound to happen.

As we launch 2024, we, once again, recognize the escalating significance and pressing demand for treating cybersecurity as a priority, for organizations, individuals, and governments alike. Cyber insurance underwriters continue to look for their insureds (or prospective insureds) to have a myriad of IT security controls in place to mitigate various cyber exposures. One particular emerging technology that is giving the risk management and insurance industry reason for concern is Artificial Intelligence (AI).

While there is a bit of a pause in the construction development activity these days, there is some recent news out of New York and Texas regarding crane safety.

US weather patterns continue to be unpredictable and the Northeast is getting its first taste of snow, so I thought it would be good to reinforce how important it is to have a comprehensive storm response plan.

Thanksgiving is just around the corner. We all know this is a time for getting together and enjoying a meal with family and friends.

An often misunderstood insurance coverage that is very important for a business, is Hired and Non-Owned Automobile ("HNOA") coverage. Most of the time, the company that is considering such coverage doesn’t think it has exposure to this particular risk since they do not own any automobiles. This could not be further from the truth... Recently, there was a tragic accident in NYC Times Square, where a delivery vehicle on its way to a jobsite fatally injured a pedestrian. 

The ALS Team congratulates, our client, L&L Holding Company on completing $9111.4 million financing on the iconic 47-story office tower at 425 Park Avenue.  The finance package, obtained through a consortium of lenders led by Blackstone Real Estate Debt Strategies, replaces 425 Park’s original construction loan and will cover the final stages of the project, including full lease-up, prior to being replaced by permanent financing.  

We are proud to have had the opportunity to support risk management needs of L&L Holding Company on this project! 

As air travel for the upcoming Thanksgiving weekend spiked to pre-pandemic levels and AAA estimates over 53 million people will hit the road this holiday, the Cybersecurit

y & Infrastructure Security Agency (CISA) and FBI issued an advisory yesterday, warning critical infrastructure partners that malicious cyber actors tend to strike during holiday weekends.

“Although neither CISA nor the FBI currently have identified any specific threats, recent 2021 trends show malicious cyber actors launching serious and impactful ransomware attacks during holidays and weekends.”