Message from the President
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Join the RT New Day Team at IRMI's Construction Risk Conference
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RT New Day is proud to sponsor the 39th IRMI Construction Risk Conference to be held November 10-13, 2019 in Seattle, Washington. We hope that you will join Jeff Lejfer, Jeff Slivka, Joe Nawa, Bill Webb, Dave Slaugenhoup and Joe Reynolds as they represent RT New Day at the conference throughout the week.
In addition, please join Joe Reynolds as he leads a discussion on Real Estate Development Errors and Omissions Risks and Insurance on Wednesday, November 12 at 3:30 PM. Joining Joe in this discussion will be Ed Shieffele, Senior Vice President at Berkley Construction Professional and Audrey Lau, Construction Professional Product Head at Hiscox.
If you would like to schedule a time to meet with us during the conference, please contact us as follows:
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Participation in Conferences
WSIA
Jeff Lejfer attended the 2019 WSIA Marketplace, September 22-25, 2019 in San Diego, California. This event is widely recognized as the premier event for the wholesale, specialty and surplus lines industry. The conference was a great opportunity to catch up with brokers and carriers alike at this well attended event.
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2019 CLM Construction Conference
Drew Rothman is participating on a panel titled "Perils and Strategies in High-Rise Litigation" during the 2019 CLM Construction Conference on September 26th. Contact Drew at 609.528.3907 or
[email protected]
to learn more about this topic.
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Product Highlight: Architects and Engineers Professional Liability
The marketplace for Architects and Engineers Professional Liability coverage (AE PL) has transformed greatly over the past 10 years, with more admitted carriers providing broader terms at lower rates. Furthermore, the number of firms carrying AE PL coverage has steadily increased, as AE PL is commonly required by contract. Eligible classes include the usual professional service providers such as architects, engineers, surveyors, landscape architects and interior designers. However, most carriers can adequately cover professionals engaged in other professions such as agency construction management, environmental science, aerial surveying and building commissioning services.
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Protect Against Wood-Frame Construction Hazards with CPL Insurance
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In recent years, wood-frame construction has become an extremely popular form of building everything from apartment complexes to mixed use facilities. As with any type of construction, risk management strategies are necessary to avoid potentially costly claims. In his article titled, "Protect Against Wood-frame Construction Hazards with CPL Insurance," recently published in
Construction Executive, Drew Rothman discusses how Contractor's Pollution Liability (CPL) insurance policies are key to addressing the risks associated with wood-frame construction. Read the complete article by clicking the button below or contact Drew at 609.528.3907 or
[email protected].
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Have You Subscribed to our News & Views Blog?
Do you ever need real-life examples to educate your insureds on the value of environmental and construction-related professional liability? RT's National Environmental and Construction Professional Practice (RT ECP)
blog
could be the answer you've been looking for. Our News and Views
blog
contains a plethora of searchable industry related articles and claims examples as well as scenarios that could possibly have become claims. If you have not already done so, we invite you to subscribe to the
blog
by entering your email address on the right side of the
page
. Choose the frequency for receiving updates so that you can keep up-to-date on the latest information and claims. As always, if you have any questions, contact your RT ECP consultant.
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Welcome to the Team
Please join us in welcoming our newest team members.
- Amy Coddington is an Account Manager in RT Specialty's National Environmental and Construction Professional Liability Practice. She can be reached at 609.528.3915 or [email protected].
- Gina Bernardo is an Account Administrator in RT Specialty's National Environmental and Construction Professional Liability Practice. She can be reached at 609.528.3916 or [email protected].
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Employee Spotlight - Drew Rothman
Drew Rothman is a Consultant in RT's National Environmental and Construction Professional Liability Practice. Meet and get to know Drew as we sit down for a Q&A session.
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Risk Tip - Limitations of Liability and the OPPI Policy
By: Mitch Cohen, PE
Limitations of Liability can be a poison pill for Owners who are purchasing an Owners Protective Professional Indemnity (OPPI) policy. Design professionals are often advised by their legal counsel to include limitations of liability that limit liability to only the fees paid for design services. For large projects, this might exceed $2,000,000; however, for most smaller projects, design fees may be as low as $100,000. The challenge is that the Protective Indemnity coverage usually comes with a minimum insurance requirement or MIR and because the policy only pays for damages the insured (owner)
is legally entitled to recover from the design professional
, the policy may not pay the owner above any enforceable Limitation of Liability. Therefore, the owner may have to pay additional cost – the delta between the Limitation of Liability and the MIR (which is established at the time of underwriting).
As an example, a project Owner executed a contract with a prime design professional that had a limitation of liability for design fees paid, or $330,000. The carrier agreed to offer the Protective Indemnity coverage, but would not drop below the $1,000,000 MIR. Therefore, the Owner would have been liable for the $670,000 difference.
When reviewing contracts on behalf of the Insured, it typically makes sense to look for any Limitation of Liability. If the Limitation of Liability
is non-negotiable, advise the Owner to negotiate that the limitation of liability be revised to available policy limits (not less than $1,000,000).
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Promotions - Kim Vincent and Sheryl Barr
Please join us in congratulating Kim Vincent and Sheryl Barr on their well-deserved promotions to Account Executive and Director of Marketing and Communications, respectively.
Kim has been with the company for 5 years and, in that time, has has steadily grown in her position within the RT Environmental and Construction Professional Practice, including managing complex pollution liability and environmental casualty accounts..
Sheryl has been with the company for 10 years and has been dedicated to expanding our presence among key target audiences and successfully promoting the company, which has contributed to our continuous growth in the industry.
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2465 Kuser Road, Suite 202
Hamilton, NJ 08690
609.298.3516
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