Message from the President
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Time to Reflect - One Year Since Joining RT Specialty
By: Jeff Lejfer, President, RT New Day
Our approach to working with you on your behalf has not changed. While you cannot take price out of the dynamic on any placement we look to obtain the optimal solution, which includes coverage, carrier infrastructure and price. With the market in a constant ebb and flow, our team is always riding the wave ensuring they are aware of what is going on in the marketplace.
We still focus on selected agencies around the country. Occasionally, we may need to work with someone that is new to us and our deliverables; however, most of our efforts focus on our long-term partners as well as those to whom we have introduced ourselves to in the past 12 months.
We continue to get increased support on the systems and technology front and are looking to improve our proposal with some additional technology. The rewrite of our premium estimator is almost complete and should be introduced in the second quarter. Most of the changes will be transparent, however, we have moved to a more stable platform that enables us to better manage the pricing that is developed.
In the near future, with RT management support and approval, we plan to continue to increase our support on claims. As claims become more complex we intend to provide additional support where appropriate.
While we have always maintained solid relationships with carriers – especially at the product level, being part of RT has given us access to carriers at the most senior levels – providing for great dialogue and access when needed.
Being part of RT has allowed us to bolster our staff – 27 of us now with more to come over the next few months. You have seen our team in action and our goal is for them to continue to develop their knowledge and stay current with evolving trends.
Thanks for your continued support and we look forward to continuing to provide our products and services to you and your customers.
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2019 Market Update
The specialty lines insurance landscape is a constantly changing environment and the areas of construction-related professional liability and environmental insurance are no different. Each year it seems as if new carriers enter the market, new coverages are introduced and new risks emerge. Navigating these markets is more difficult than ever, even for the most experienced insurance professional. That's why RT's National Environmental and Construction Professional Liability Practice continuously monitors and sifts through the changes so that we can effectively and efficiently find optimal solutions to solve our client's risk management challenges. Read our
2019 Market Update, which is a product of our team's collective knowledge and expertise and provides an overview, key trends and a look at the year ahead for each of our products.
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Out and About At Conferences
It has been a busy first quarter for the RT New Day team with several of our staff participating in industry conferences.
- Jeff Lejfer, Jeff Slivka, Tim Farrell, Dave Slaugenhoup and Joe Reynolds attended the annual AGC Conference on Surety Bonding and Construction Risk Management in Naples, FL in January.
- John Heft attended the annual IRMI Energy Risk and Insurance Conference held in Houston, TX in February.
- Drew Rothman participated on a panel at the CLM Annual Conference titled "TIMBER!! Wood-frame Construction Claims, and How They Come Crashing Down."
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Fundamentals of Real Estate Developers' E&O
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Real estate developers face a unique set of risks that may lead to claims ranging from failure of HVAC units and other equipment to the negligent oversight of construction projects, civil conspiracy, zoning violations and just plain old construction defects and delays. In his article titled, "Fundamentals of Real Estate Developers' E&O," recently published in
Construction Executive, Joe Reynolds discusses how the Real Estate Developers (RED) E&O policy forms may cover owners and developers for professional services for which they are personally or vicariously liable. Read the complete article by clicking the button below and contact Joe for additional information at
joseph.reynolds@rtspecialty.com or 609.528.3910.
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Product Highlight: Real Estate Developers' E&O
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As a real estate developer or a construction or design professional with ownership interests in projects, how do you protect yourself from all of the additional professional exposures that come with the convergence of construction and real estate? Will a design professional or contractors' professional liability policy cover you for the various additional exposures that come with developing, owning, maintaining, leasing or selling a property? The best way to avoid coverage gaps is to purchase a Real Estate Developers (RED) Errors & Omissions policy. These professional liability products are typically written on an annual basis for the entirety of your real estate exposures or can be written on a project specific basis for single projects.
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Employee Spotlight - Tim Prosser
Tim Prosser is a Consultant in the National Environmental and Construction Professional Liability Practice. Meet and get to know Tim as we sit down for a Q&A session.
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Risk Tip - Don't Let It Be Too Late to Purchase PLL
By Jeff Slivka, President, National Environmental and Construction Professional Liability Practice
We answer many urgent calls from insurance agents or brokers looking to purchase OPPI insurance for their developer/owner client who is building a project on property they own. However, that conversation quickly turns to an environmental shade when we ask about environmental risk and pollution legal liability (PLL) insurance for the property itself. Owners and developers, without realizing it, open themselves to any and all environmental liabilities associated with a property once construction starts and there is no going back.
If your insured is considering going without PLL coverage, have them think again. The following situations should be considered before proceeding without PLL coverage:
- Environmental studies that fail to identify the illegal or "midnight" dumping of waste or other hazardous materials
- Reports that misidentify existing environmental hazards in the ground or in existing structures, such as asbestos, lead, and polychlorinated biphenyls
- Contamination found on the project site only after construction has begun
- Properties contaminated by former gas stations and/or dry-cleaning operations using perchloroethylene
- Methane generated from debris like tree stumps, grass clippings, and construction materials
- Contaminants found at waste processing sites, garbage dumps, and other disposal areas on the project site
- Septic systems used to dispose of wastes such as cleaning chemicals, lab wastes, etc.
- Microbial and bacterial risks associated with water intrusion, faulty heating, ventilation, and air-conditioning systems and other forms of water contamination
- Any construction work using hazardous constituents or causing the erroneous release of pollutants into the environment
PLL coverage must be purchased before a property’s acquisition to receive the full program benefits. Contact your Practice Group Consultant today to learn more about PLL and don’t let your insureds get caught off guard.
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Promotions
Please join us in congratulating the following team members on their recent and well-deserved promotions.
- Chris Jeffery - Account Manager
- Joseph Nawa - Vice President
- Nicole Jeffers - Account Executive
- Dave Slaugenhoup - Assistant Vice President
- Hannah Altomare - Senior Account Manager
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2465 Kuser Road, Suite 202
Hamilton, NJ 08690
609.298.3516
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